- Litecoin price started an upside correction from the $150 support against the US Dollar.
- LTC price is just trading above $165 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $176 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair must clear $176 and $180 to start a fresh increase in the near term.
Litecoin price is struggling to clear $175 and $180 against the US Dollar, unlike bitcoin. LTC price must break $180 to move into a positive zone in the near term.
Litecoin Price Analysis
This week, there was a decent recovery wave in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above the $150 and $155 levels.
It started a fresh increase and climbed above the $165 resistance zone. There was also a break above the $175 resistance zone and the 55 simple moving average (4-hours). However, the bulls faced a strong resistance near the $180 zone.
A high was formed near $181 and the price is now correcting gains. It traded below the $175 and $172 levels. There was also a spike below the 50% Fib retracement level of the recent increase from the $155 swing low to $181 high.
It is now just trading above $165 and the 55 simple moving average (4-hours). The bulls are also protecting the 61.8% Fib retracement level of the recent increase from the $155 swing low to $181 high.
On the upside, there is a key bearish trend line forming with resistance near $176 on the 4-hours chart of the LTC/USD pair. The bulls are likely to face a major hurdle near $176 and $180. A clear upside break above the $180 and $181 levels is must for a sustained upward move in the near term. The next major resistance is near the $200 level.
An initial support on the downside is near the $165 level. The next major support could be near the $150 zone. Any more losses might call for a drop towards the $132 level.
Looking at the chart, litecoin price is just trading above $165 and the 55 simple moving average (4-hours). Overall, the price must clear $176 and $180 to start a fresh increase in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now close to the 50 level.
Key Support Levels – $165 and $150.
Key Resistance Levels – $180 and $200.
