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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bears In Control Below $150

Litecoin (LTC) Price Analysis: Bears In Control Below $150

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  • 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.

Litecoin (LTC) Price
Litecoin (LTC) Price

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.

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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