HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls In Control Above $240

Litecoin (LTC) Price Analysis: Bulls In Control Above $240

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  • Litecoin price found support near $200 and started a fresh increase against the US Dollar.
  • LTC price is now trading above $220 and the 55 simple moving average (4-hours).
  • There was a break above a key declining channel with resistance near $200 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could continue to rise towards $320 unless it fails to stay above the $220 level.

Litecoin price is climbing higher above $240 against the US Dollar, similar to bitcoin. LTC price could continue higher if it clears $270 and $280.

Litecoin Price Analysis

This week, there was a fresh increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $200 level to start a major increase.

There was a steady increase above the $220 resistance. The price was able to clear the $240 resistance zone and the 55 simple moving average (4-hours). Finally, there was a clear move above the $270 level. A high was formed near $302 and the price started a downside correction.

There was a break below the $280 support level. The price declined below the 23.6% Fib retracement level of the upward move from the $191 swing low to $302 high.

On the downside, an immediate support is near the $250 level. The first key support is near the $246 level. It is close to the 50% Fib retracement level of the upward move from the $191 swing low to $302 high. If there is a downside break the $246 support and the trend line, the price could revisit $225.

The next key support is near the $220 level, below which the price could slide towards the $200 level. An immediate resistance is near the $265 level.

The next key resistance could be $275. A close above the $265 and $275 levels could open the doors for a decent increase. In the stated case, the price could rise towards the $300 barrier in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $250 and the 55 simple moving average (4-hours). Overall, the price could continue to rise towards $320 unless it fails to stay above the $220 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 now above the 50 level.

Key Support Levels – $250 and $246

Key Resistance Levels – $265 and $275.

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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