- Litecoin price found support near $160 and started a fresh increase against the US Dollar.
- LTC price is now trading above $170 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $172 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to rise towards $200 unless it fails to stay above the $162 level.
Litecoin price is recovering higher above $170 against the US Dollar, similar to bitcoin. LTC price could continue higher if it clears $185 and $188.
Litecoin Price Analysis
This week, there was a fresh increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC failed to clear the $185 resistance and corrected lower.
There was a break below the $172 support, but dips were limited. The price formed a support base above $165 and started a fresh increase. There was a break above the $172 resistance zone. It cleared the 50% Fib retracement level of the main decline from the $185 swing high to $166 low.
The price is now trading above the $170 level and the 55 simple moving average (4-hours). Besides, there is a key bullish trend line forming with support near $172 on the 4-hours chart of the LTC/USD pair.
An immediate resistance is near the $180 level. It is close to the 76.4% Fib retracement level of the main decline from the $185 swing high to $166 low. The next key resistance could be $185. A close above the $185 and $188 levels could open the doors for a decent increase.
In the stated case, the price could rise towards the $200 barrier in the near term. On the downside, an immediate support is near the $175 level. The first key support is near the $172 level. If there is a downside break the $172 support level, the price could revisit $162. The next key support is near the $145 level.
Looking at the chart, litecoin price is clearly trading above $170 and the 55 simple moving average (4-hours). Overall, the price could continue to rise towards $200 unless it fails to stay above the $162 level.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $172 and $162
Key Resistance Levels – $185 and $188.
