- 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.
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.