HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Remain In Control Above $175

Litecoin (LTC) Price Analysis: Bulls Remain In Control Above $175

Date:

Related stories

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...

Solana (SOL) Price Analysis: Dips Attractive Near $135

Solana price started a downside correction from the...
spot_imgspot_img
  • 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.

Litecoin (LTC) Price
Litecoin (LTC) Price

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.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img