Key Takeaways:
- Litecoin price started a fresh increase above the 0.00385BTC resistance zone.
- LTC/BTC cleared a key bearish trend line with resistance near 0.0039BTC on the daily chart.
- The price could continue to rise towards the 0.0045BTC resistance zone.
New Delhi(Coinchapter.com): Litecoin’s LTC price remained stable above the 0.0037BTC zone. It is rising and might gain pace for a move towards the 0.0045 level vs bitcoin.
Litecoin (LTC) Price Could Rise Further Vs Bitcoin
In a last Litecoin vs bitcoin analysis, we saw bullish moves above the 0.0040 level. Later, LTC/BTC started a downside correction below the 0.0045 level.
The price traded below the 0.0040 and 0.0038 levels. There was even a spike below the 0.00375 support level and the 50-day simple moving average (blue). It traded as low as 0.0037 and recently started a fresh increase.
The price was able to climb above the 0.0038 and 0.00385 resistance levels. There was a clear move above the 23.6% Fib retracement level of the key decline from the 0.0049BTC swing high to 0.0037BTC low.
Besides, the price cleared a key bearish trend line with resistance near 0.0039BTC on the daily chart. LTC price is now trading above the 0.0040 level and the 50-day simple moving average (blue).
It is also consolidating near the 0.00415 level. It seems to be facing resistance near the 0.0042BTC level. The next major resistance is near the 0.0043 level. It is close to the 50% Fib retracement level of the key decline from the 0.0049BTC swing high to 0.0037BTC low.
A clear move above the 0.0043 resistance could start a fresh increase. In the stated case, the price may perhaps revisit the 0.0045 resistance. Any more gains might open the doors for a move towards the 0.0050 zone.
Fresh Drop?
If there is no upside break above 0.0043BTC, litecoin price might correct lower. On the downside, there is a strong support forming near 0.00390 and the 50-day simple moving average (blue).
A downside break below the 50-day simple moving average (blue) might send the price towards the 0.0037 support. The next major support could be near the 0.0035 level, below which the price may perhaps decline towards the 0.0032 support area.
Overall, litecoin price seems to be consolidating gains above the 0.0040 level versus bitcoin. If the bulls pump the price above the 0.0043 and 0.0045 levels, LTC could gain bullish momentum. Conversely, there might be a fresh decline towards the 0.00390 support zone or even 0.0037.
