Litecoin Price Analysis

Forex 2020

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Litecoin Price Could Retest $50
Earlier this week, litecoin price climbed higher above the $45.00 and $48.00 resistance levels against the US Dollar. However, LTC price failed to clear the $50.00 resistance area.
A high was formed near $49.94 before the price started a sharp downside correction. It broke a few important supports near $48.00, but it remained well bid above the 100 simple moving average (4-hours).
A low is formed near $44.58 and the price is currently rising. Litecoin is trading nicely above the $46.50 level. It surpassed the 50% Fib retracement level of the recent decline from the $49.94 high to $44.58 low.
There is also a major bullish trend line forming with support near $46.50 on the 4-hours chart of the LTC/USD pair. The pair is now approaching a major resistance near the $48.00 level (the recent breakdown zone). It coincides with the 61.8% Fib retracement level of the recent decline from the $49.94 high to $44.58 low.A successful break above the $48.00 resistance could spark a fresh run towards the $50.00 resistance. The next major hurdle for the bulls is near the $52.50 level. In the mentioned case, bitcoin could also gain traction above the $9,740 and $9,800 resistance levels.
Fresh Decrease in LTC
If litecoin fails to continue above the $48.00 resistance, there is a risk of a fresh decline. On the downside, the first major support is near the trend line and $46.50. The main support is still near the $45.00 level. A daily close below the $45.00 level could initiate a fresh decline towards the $41.50 support.
 
Litecoin Price Could Retest $50
Earlier this week, litecoin price climbed higher above the $45.00 and $48.00 resistance levels against the US Dollar. However, LTC price failed to clear the $50.00 resistance area.
A high was formed near $49.94 before the price started a sharp downside correction. It broke a few important supports near $48.00, but it remained well bid above the 100 simple moving average (4-hours).
A low is formed near $44.58 and the price is currently rising. Litecoin is trading nicely above the $46.50 level. It surpassed the 50% Fib retracement level of the recent decline from the $49.94 high to $44.58 low.
There is also a major bullish trend line forming with support near $46.50 on the 4-hours chart of the LTC/USD pair. The pair is now approaching a major resistance near the $48.00 level (the recent breakdown zone). It coincides with the 61.8% Fib retracement level of the recent decline from the $49.94 high to $44.58 low.A successful break above the $48.00 resistance could spark a fresh run towards the $50.00 resistance. The next major hurdle for the bulls is near the $52.50 level. In the mentioned case, bitcoin could also gain traction above the $9,740 and $9,800 resistance levels.
Fresh Decrease in LTC
If litecoin fails to continue above the $48.00 resistance, there is a risk of a fresh decline. On the downside, the first major support is near the trend line and $46.50. The main support is still near the $45.00 level. A daily close below the $45.00 level could initiate a fresh decline towards the $41.50 support.
I've been following Litecoin for a while now, and I'm pretty excited about how well it's been doing lately. It's definitely exceeded a lot of people's expectations and proven its resilience.

What's interesting is how Litecoin's success could potentially impact the entire crypto market. I'm really looking forward to seeing where this takes us. As a Litecoin holder, I'm keeping my fingers crossed for more good news in the future! Let's see where it goes from here.
 
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