- Litecoin price failed to clear the $190-$192 resistance zone against the US Dollar.
- LTC price is now trading below $180 and the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support near $182 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair must stay above the $162 support to avoid more downsides in the near term.
Litecoin price is correcting gains from $192 against the US Dollar, similar to bitcoin. LTC price could continue lower if it fails to stay above the $162 support zone.
Litecoin Price Analysis
This week, there was a downside correction in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC extended its increase above the $180 level.
The price surpassed the $185 resistance level and the 55 simple moving average (4-hours). It even cleared the $192 resistance level. However, the price failed to clear the $192 resistance zone. A high was formed near $192 and recently there was a downside correction.
The price traded below the $185 and $180 support levels. There was also a break below a major bullish trend line with support near $182 on the 4-hours chart of the LTC/USD pair. A low was formed near $170 and the price is attempting an upside correction.
There was a break above the 23.6% Fib retracement level of the recent decline from the $192 swing high to $170 low. It is now trading below $180 and the 55 simple moving average (4-hours).
It seems like the 50% Fib retracement level of the recent decline from the $192 swing high to $170 low is acting as a resistance near the $180 zone. On the upside, the price must clear $180 and the 55 simple moving average (4-hours) for more gains. The next key resistance could be $192. Any more gains could set the pace for a move towards the main $200 resistance in the near term.
An immediate support is near the $175 level. The next key support is near the $162 level, below which there is a risk of a move towards the $150 level.
Looking at the chart, litecoin price is clearly trading near $180 and the 55 simple moving average (4-hours). Overall, the price must stay above the $162 support to avoid more downsides in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now slowly pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $175 and $162
Key Resistance Levels – $180 and $192.
