HomeAltcoin NewsLitecoin (LTC) Price Analysis: Break above $160 Could Spark Rally

Litecoin (LTC) Price Analysis: Break above $160 Could Spark Rally

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  • Litecoin price is facing resistance near the $160 zone against the US Dollar.
  • LTC price is now trading above $155 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $160 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it breaks the $160 resistance zone.

Litecoin price is consolidating below $160 against the US Dollar, similar to bitcoin. LTC price could resume lower if it breaks the $145 support zone.

Litecoin Price Analysis

This week, there was no major upward move in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $165 resistance zone and started a fresh decline.

There was a break below the $160 and $155 support levels. The price even spiked below the $150 support and the 55 simple moving average (4-hours). A low was formed near the $142 level and the price is now consolidating losses.

There was a move above the $150 level. Litecoin even traded above $155 and the 55 simple moving average (4-hours). It is now facing resistance near the $160 zone.

There is also a major bearish trend line forming with resistance near $160 on the 4-hours chart of the LTC/USD pair. The trend line is close to the 23.6% Fib retracement level of the downward move from the $220 swing high to $141 low.

A clear move above the $160 level could pump the price. The next key resistance could be $180. It is near the 50% Fib retracement level of the downward move from the $220 swing high to $141 low.

On the downside, an immediate support is near the $155 level. The first key support is near the $150 level. If there is a downside break the $150 support, the price could visit $142. The next key support is near the $130 level, below which the price could slide towards the $120 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $155 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it breaks the $160 resistance zone.

Technical indicators

4 hours MACD – The MACD for LTC/USD is slowly 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 – $150 and $142

Key Resistance Levels – $160 and $180.

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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