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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Facing Uphill Task Near $140

Litecoin (LTC) Price Analysis: Bulls Facing Uphill Task Near $140

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  • Litecoin price started an upside correction from the $105 support against the US Dollar.
  • LTC price is still trading well below $140 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $140 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair must clear $135 and $140 to start a fresh increase in the near term.

Litecoin price is struggling to gain pace above $130 against the US Dollar, unlike bitcoin. LTC price must break $140 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 declined heavily below the $130 level and the 55 simple moving average (4-hours).

The price even broke the $120 support level. It traded close to the $100 level and a low was formed near $105. Recently, there was an upside correction from $105 and the price climbed above $120. There was a break above the 23.6% Fib retracement level of the key decline from the $182 swing high to $105 low.

However, the price is still trading well below $140 and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $140 on the 4-hours chart of the LTC/USD pair.

The trend line is close to the 50% Fib retracement level of the key decline from the $182 swing high to $105 low. Therefore, litecoin price must break the trend line resistance and $140 to move into a positive zone. The next key resistance is near the $150 level and the 55 SMA.

An initial support on the downside is near the $122 level. The next major support could be near the $110 zone. Any more losses might call for a drop towards the $100 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading well below $140 and the 55 simple moving average (4-hours). Overall, the price must clear $135 and $140 to start a fresh increase in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is struggling to gain pace in the bullish zone.

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

Key Support Levels – $122 and $110.

Key Resistance Levels – $135 and $140.

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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