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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Aim Rally Above $135

Litecoin (LTC) Price Analysis: Bulls Aim Rally Above $135

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  • Litecoin is eyeing an upside break above the $135 resistance against the US Dollar.
  • LTC price is now trading above $122 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $128 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it manages to clear the $135 resistance zone.

Litecoin price is gaining pace above $125 against the US Dollar, similar to bitcoin. LTC price could start a major increase if it clears the $135 level.

Litecoin Price Analysis

This week, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $115 support level.

The last swing low was formed near $123 before the price started a fresh increase. There was a clear move above the $125 resistance level and the 55 simple moving average (4-hours). The price even spiked above the $130 level. It traded as high as $134 and is currently consolidating gains.

On the downside, an immediate support is near the $128 level. It is near the 50% Fib retracement level of the upward move from the $123 swing low to $134 high.

There is also a major bullish trend line forming with support near $128 on the 4-hours chart of the LTC/USD pair. The next key support is near the $126 level. It coincides with the 61% Fib retracement level of the upward move from the $123 swing low to $134 high.

If there is a downside break below the $126 support, the price could continue to move down towards the $120 level. On the upside, an initial resistance is near the $134 level.

The first major resistance is near the $135 level. To start a fresh increase, the price must clear $134 and $135. In the stated case, the price could rise towards $150. The next key resistance could be $162.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $122 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it manages to clear the $135 resistance zone.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now losing 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 – $128 and $126

Key Resistance Levels – $135 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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