LTC/BTC: Technicals Suggest Litecoin Price Could Restart Rally Vs Bitcoin

Key Takeaways:

  • Litecoin price is holding the key 0.00375BTC support zone.
  • LTC/BTC cleared a key bearish trend line with resistance near 0.00392BTC on the daily chart.
  • The price could continue to rise towards the 0.00445BTC resistance zone.
Litecoin (LTC) Price Forms Bullish Pattern Vs Bitcoin
Litecoin (LTC) Price Forms Bullish Pattern Vs Bitcoin | Photo by Michael Förtsch on Unsplash

New Delhi(CoinChapter): Litecoin’s LTC price remained well bid above the 0.00375BTC zone. It is rising and might gain pace for a move towards the 0.00445 level vs bitcoin.

Litecoin (LTC) Price Forms Bullish Pattern Vs Bitcoin

In a last Litecoin vs bitcoin analysis, we discussed more gains above the 0.0040 level. LTC/BTC did rise and retested the 0.00480 resistance zone before it saw a fresh decline.

There was a bearish reaction below the 0.00445 support zone and the 50-day simple moving average (blue). The price even traded below the 0.0040 level. However, the bulls were active above the key 0.00370 support zone. It traded as low as 0.003778 and recently started a fresh increase.

Litecoin’s price daily chart
Litecoin’s price daily chart | Source: LTCBTC on TradingView.com

The price was able to climb above the 0.00388 and 0.00390 resistance levels. There was a clear move above the 23.6% Fib retracement level of the main drop from the 0.00482BTC swing high to 0.00377BTC low.

Besides, litecoin price cleared a key bearish trend line with resistance near 0.00392BTC on the daily chart. LTC price is now trading above the 0.0040 level and facing resistance near the 50-day simple moving average (blue).

The next major resistance is near the 0.00425 zone. It is close to the 50% Fib retracement level of the main drop from the 0.00482BTC swing high to 0.00377BTC low.

A clear move above the 0.00425 resistance could start another rally. In the stated case, the price may perhaps revisit the 0.00480 resistance. Any more gains might open the doors for a move towards the 0.0050 zone.

Fresh Decline in LTC?

If there is no upside break above 0.00425BTC, litecoin price dip again. On the downside, there is a strong support forming near 0.00390 and the broken trend line.

A clear move below the 0.00390 support might send the price towards the 0.0037 support, below which the price may perhaps decline towards the 0.0031 support area. Any more losses could start a major decline towards the 0.0025 level.

Overall, litecoin price seems to be showing positive signs above the 0.0040 level versus bitcoin. If the bulls pump the price above the 0.0042 and 0.00425 levels, LTC could gain bullish momentum. Conversely, there might be a fresh decline towards the 0.00390 support zone or even 0.0037.

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