- Litecoin price is facing resistance near the $150 zone against the US Dollar.
- LTC price is now trading below $150 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $156 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it stays above the $140 support zone.
Litecoin price is consolidating above $140 against the US Dollar, similar to bitcoin. LTC price could resume lower if it breaks the $140 support zone.
Litecoin Price Analysis
This week, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $162 resistance zone and started a fresh decline.
There was a break below the $155 and $150 support levels. The price even spiked below the $145 support and the 55 simple moving average (4-hours). Besides, there was a break below a key bullish trend line with support near $156 on the 4-hours chart of the LTC/USD pair.
A low was formed near the $143 level and the price is now consolidating losses. There was a move above the $145 level. Litecoin is now facing resistance near the $148 level. It is near the 23.6% Fib retracement level of the downward move from the $162 swing high to $143 low.
The next major resistance for the bulls is near the $152 level. It is near the 50% Fib retracement level of the downward move from the $162 swing high to $143 low.
A clear move above the $152 level could pump the price. The next key resistance could be $162. On the downside, an immediate support is near the $142 level. The first key support is near the $140 level. If there is a downside break the $140 support, the price could visit $135. The next key support is near the $120 level, below which the price could slide towards the $110 level.
Looking at the chart, litecoin price is clearly trading below $150 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it stays above the $140 support zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly losing 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 – $142 and $140
Key Resistance Levels – $148 and $150.
