HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Aim Retest of $200

Litecoin (LTC) Price Analysis: Bulls Aim Retest of $200

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  • Litecoin price found support near $140 and corrected higher against the US Dollar.
  • LTC price is now trading above $162 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $148 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could continue to rise towards $200 as long as it is above the $162 level.

Litecoin price is recovering higher above $160 against the US Dollar, similar to bitcoin. LTC price could continue higher if it clears $185 and $188.

Litecoin Price Analysis

This week, there was a steady increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above $140 and started a fresh increase.

There was a break above the $145 resistance zone. There was also a break above a major bearish trend line with resistance near $148 on the 4-hours chart of the LTC/USD pair. The pair climbed above the $155 level and the 55 simple moving average (4-hours).

Besides, there was a break above the 50% Fib retracement level of the key decline from the $196 swing high to $140 low. It is now trading above $162 and the 55 simple moving average (4-hours).

An immediate resistance is near the $182 level. It is close to the 76.4% Fib retracement level of the key decline from the $196 swing high to $140 low. The next key resistance could be $188. A close above the $185 and $188 levels could open the doors for a decent increase.

In the stated case, the price could rise towards the $200 resistance in the near term. On the downside, an immediate support is near the $170 level. If there is a downside break the $170 support level, the price could revisit $162. The next key support is near the $155 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $162 and the 55 simple moving average (4-hours). Overall, the price could continue to rise towards $200 as long as it is above the $162 level.

Technical indicators

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

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

Key Support Levels – $170 and $162

Key Resistance Levels – $185 and $188.

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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