- Litecoin price started a fresh increase above the $120 resistance against the US Dollar.
- LTC price is now trading above $130 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $130 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $130 and $125 support levels.
Litecoin price is gaining pace above $130 against the US Dollar, similar to bitcoin. LTC price could resume higher if it stays above the $125 support zone.
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 $105 level and started a fresh increase.
There was a move above the $120 and $125 resistance levels. The bulls even pushed the price above the $130 level and the 55 simple moving average (4-hours). Finally, there was a spike above the $140 level. A high is formed near $143 and the price is now consolidating gains.
On the downside, an immediate support is near the $135 level. It is near the 23.6% Fib retracement level of the upward move from the $105 swing low to $143 high.
The next key support is near the $130 level. There is also a key bullish trend line forming with support near $130 on the 4-hours chart of the LTC/USD pair. The main support is near the $125 level. It is near the 50% Fib retracement level of the upward move from the $105 swing low to $143 high.
If there is a downside break below the $125 support, the price could continue to move down to $112. On the upside, litecoin is facing resistance near the $140 level. The next major resistance for the bulls is near the $145 level. To start a fresh increase, the price must clear $145. The next key resistance could be $170.
Looking at the chart, litecoin price is clearly trading above $130 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it stays above the $130 and $125 support levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly 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 – $130 and $125
Key Resistance Levels – $140 and $145.
