- Litecoin price started a decent increase above the $150 resistance zone against the US Dollar.
- LTC price is now trading above $160 and the 55 simple moving average (4-hours).
- There was a break above a bullish continuation pattern with resistance near $167 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to extend gains above the $180 and $185 resistance levels in the near term.
Litecoin price is holding gains above $165 against the US Dollar, similar to bitcoin. LTC price must clear $180 to continue higher in the near term.
Litecoin Price Analysis
This week, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above the $145 and $150 levels.
The price started a steady increase above the $160 resistance level and the 55 simple moving average (4-hours). It even cleared the $170 resistance level. During the increase, there was a break above a bullish continuation pattern with resistance near $167 on the 4-hours chart of the LTC/USD pair.
The pair is now struggling to clear the $180 resistance level. If there is a downside correction, an initial support is near the $175 level. It is near the 23.6% Fib retracement level of the upward move from the $158 swing low to $180 high.
The first major support is near the $170 level. It is close to the 50% Fib retracement level of the upward move from the $158 swing low to $180 high. The next key support is near the $165 level, below which there is a risk of a move towards the $150 level.
On the upside, the price must clear $180 for more gains. The next key resistance could be $185. Any more gains could set the pace for a move towards the main $200 resistance in the near term.
Looking at the chart, litecoin price is clearly trading above $160 and the 55 simple moving average (4-hours). Overall, the price is likely to extend gains above the $180 and $185 resistance levels in the near term.
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 now above the 60 level.
Key Support Levels – $174 and $170
Key Resistance Levels – $180 and $185.
