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- Litecoin price failed to clear the $150 resistance zone and corrected lower against the US Dollar.
- LTC price is now trading above $140 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $138 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair might start a fresh increase as long as it is above the $135 support.
Litecoin price is holding gains above $135 against the US Dollar, similar to bitcoin. LTC price must clear $145 to continue higher in the near term.
Litecoin Price Analysis
This week, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above the $125 and $130 levels.
The price started a steady increase above the $135 resistance level and the 55 simple moving average (4-hours). It even cleared the $140 resistance level. However, the price failed to clear $150 and corrected lower. It retested the $135 support before showing positive signs.
There was a break above a key bearish trend line with resistance near $138 on the 4-hours chart of the LTC/USD pair. The pair surpassed the $140 resistance level.
There was a break above the 50% Fib retracement level of the recent decline from the $150 high to $135 low. The price is now trading above $140 and the 55 simple moving average (4-hours). It is facing a major resistance near the $145 level.
The 61.8% Fib retracement level of the recent decline from the $150 high to $135 low is also acting as a hurdle. To start a steady increase, the price must clear $145 and $150. The next key resistance is near $165, followed by $180.
On the downside, the price is likely to remain stable near $135. The next key support is near the $130 level, below which there is a risk of a move towards the $120 level.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading above $140 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase as long as it is above the $135 support in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $135 and $132.
Key Resistance Levels – $145 and $150.