LTC/BTC: Litecoin Price Could Resume Increase vs Bitcoin, But 50 SMA Is The Key

Key Takeaways:

• Litecoin price is holding the key 0.0030BTC support zone.
• LTC/BTC cleared a key bearish trend line with resistance near 0.00304BTC on the 4-hours chart.
• The price could continue to rise toward the 0.00375BTC resistance zone.

Litecoin (LTC) started a decent increase from the 0.00278BTC zone. It is consolidating and might aim for a decent increase toward 0.00375 vs. Bitcoin.

Litecoin (LTC) Price Eyes Fresh Increase Vs. Bitcoin

After a steady decline, Litecoin price tested the 0.00275 zone vs. Bitcoin. A low was formed near 0.00278 and LTC/BTC before a recovery wave occurred.

There was a decent increase above the 0.00285 and 0.0030 resistance levels. Besides, the price surpassed a key bearish trend line with resistance near 0.00304 BTC on the 4-hours chart. The upward move gained pace above 0.0032 and the 50 simple moving average (blue, 4 hours).

A high was formed near 0.00344 before the price started a downside correction. There was a drop below the 23.6% Fib retracement level of the upward move from the 0.00278BTC swing low to the 0.00344 BTC high.

However, the LTC price is testing strong support near 0.0032 and the 50 simple moving average (blue, 4 hours). The price is also stable above the 50% Fib retracement level of the upward move from the 0.00278BTC swing low to the 0.00344 BTC high.

If Litecoin price remains stable, the 50 simple moving average (blue, 4 hours), there could be a new increase. Immediate resistance on the upside sits at 0.00330.

The next major resistance is near the 0.00345 zone. A clear move above the 0.00345 resistance could start another rally. In the stated case, the price may perhaps revisit the 0.00375 resistance. Any more gains might open the doors for a move toward the 0.0040 zone.

Fresh Drop Ahead?

If there is no upside break above 0.00345BTC, Litecoin’s price might continue lower. On the downside, there is strong support forming near 0.00312.

A clear move below the 0.00312 support might send the price toward the 0.0030 support, below which the price may decline toward the 0.00275 support area. Any more losses could start a major decline toward the 0.0025 level.

Litecoin’s price seems to be consolidating gains above the 0.00312 level versus Bitcoin. If the bulls pump the price above the 0.00330 and 0.00345 levels, LTC could gain bullish momentum. Conversely, there might be a fresh decline toward the 0.00300 support zone or even 0.00275.