- Litecoin price started a strong increase above the $300 resistance against the US Dollar.
- LTC price is now trading well above the $300 level and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $300 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is correcting gains, but dips are likely to remain well bid above $300.
Litecoin price is gaining pace above the $300 zone against the US Dollar, similar to bitcoin. LTC price is likely to continue higher as long as it is above $300.
Litecoin Price Analysis
This week, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above the $220 and $225 levels.
The bulls came into action and the price started a strong increase above the $250 and $280 levels. There was a clear break above the $300 resistance zone. It is now trading well above the $300 level and the 55 simple moving average (4-hours).
The price gained over 30% and it cleared the $350 resistance zone. A high is formed near $365 and the price is now correcting gains. It traded below the $350 support zone. There was a break below the 23.6% Fib retracement level of the recent rally from the $294 swing low to $365 high.
An immediate support is near the $330 level. It is close to the 50% Fib retracement level of the recent rally from the $294 swing low to $365 high.
The next major support could be near the $300 zone. There is also a major bullish trend line forming with support near $300 on the 4-hours chart of the LTC/USD pair. Any more losses might call for a drop towards the $250 pivot level.
On the upside, the price is facing hurdles near the $355 and $365 levels. The next major resistance is near the $380 level, above which the price is likely to accelerate higher towards the $400 and $420 levels.
Looking at the chart, litecoin price is now trading nicely above $300 and the 55 simple moving average (4-hours). Overall, the price is correcting gains, but dips are likely to remain well bid above $300.
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 still above the 55 level.
Key Support Levels – $330 and $300.
Key Resistance Levels – $365 and $380.
