HomeAltcoin NewsLitecoin (LTC) Price Analysis: $200 Presents Key Resistance

Litecoin (LTC) Price Analysis: $200 Presents Key Resistance

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  • 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.

Litecoin (LTC) Price
Litecoin (LTC) Price

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.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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