- Litecoin price started a fresh increase from the $145 support zone against the US Dollar.
- LTC price is now trading well above $175 pivot level and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $175 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair remains supported and it is likely to accelerate higher above the $185 and $190 levels.
Litecoin price is showing positive signs above $175 against the US Dollar, while bitcoin is correcting gains. LTC price is likely to remain in an uptrend towards the $200 level.
Litecoin Price Analysis
This week, there were positive moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base support near the $145 level before it started a fresh increase.
It broke the $150 and $155 resistance levels to move into a positive zone. The bulls took control, resulting in a push above the $170 level. There was also a break above the $180 level and the price traded to a new yearly high at $195.
It is now correcting lower from the $195 high. There was a break below the $180 level. The price also declined below the 23.6% Fib retracement level of the upward move from the $155 swing low to $195 high.
The price is now trading well above $175 pivot level and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $175 on the 4-hours chart of the LTC/USD pair. The next key support is near the $170 level.
The 50% Fib retracement level of the upward move from the $155 swing low to $195 high is also near the $170 level. Any more losses could open the doors for a push towards the $165 support level.
On the upside, the price is facing a strong resistance near the $185 level. The next key resistance is near the $195 level. A successful break above the $185 level might call for a push above $195 and $200.
Looking at the chart, litecoin price is clearly trading nicely above $175 pivot level and the 55 simple moving average (4-hours). Overall, the price remains supported and it is likely to accelerate higher above the $185 and $190 levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is still well above the 50 level.
Key Support Levels – $175 and $165.
Key Resistance Levels – $185 and $195.
