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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Aim Fresh Test of $240

Litecoin (LTC) Price Analysis: Bulls Aim Fresh Test of $240

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  • Litecoin price is recovering and it is now well above the $185 level against the US Dollar.
  • LTC price is now testing the $205 resistance and it is well above the 55 simple moving average (4-hours).
  • There is a major breakout pattern forming with resistance near $208 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to clear the $210 resistance and start a strong increase in the near term.

Litecoin price is consolidating above $185 and $188 against the US Dollar, while bitcoin is rising. LTC price is likely to pump above $210 as long as it is above $185.

Litecoin Price Analysis

Recently, there was a steady increase in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a strong support base above the $170 level before starting a fresh increase.

It broke the $180 and $185 resistance levels. It even cleared the $200 level and settled well above the 55 simple moving average (4-hours). A high is formed near $208 and the price is now consolidating near the $200 level.

It corrected below the 23.6% Fib retracement level of the upward move from the $180 swing low to $208 high. On the downside, there is a decent support forming near the $195 and $194 levels. There is also a major breakout pattern forming with resistance near $208 on the 4-hours chart of the LTC/USD pair.

The triangle support is close to the 50% Fib retracement level of the upward move from the $180 swing low to $208 high. If there is a downside break below the triangle support, there is a risk of a move towards the $185 support.

Any more losses below the $185 support and the 55 simple moving average (4-hours) could open the doors for a move towards the $172 level.

Conversely, the price is likely to accelerate higher above the $208 and $210 levels. In the stated case, the bulls are likely to aim a test of $240 or $250.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is now trading well above $185 and the 55 simple moving average (4-hours). Overall, the price is likely to clear the $210 resistance and start a strong increase in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well above the 50 level.

Key Support Levels – $195 and $185.

Key Resistance Levels – $210 and $240.

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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