- 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.
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.