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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Chances of Steady Recovery Above $120

Litecoin (LTC) Price Analysis: Chances of Steady Recovery Above $120

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  • Litecoin price extended its decline below the $110 support zone against the US Dollar.
  • LTC price is now trading below $120 and the 55 simple moving average (4-hours).
  • There was a break above a crucial bearish trend line with resistance near $114 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could start a decent increase above the $118 and $120 resistance levels in the near term.

Litecoin price is attempting a recovery above $110 against the US Dollar, similar to bitcoin. LTC price must clear $120 to start a decent increase in the near term.

Litecoin Price Analysis

This week, there was a downside extension in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC failed to stay above the main $120 support level.

The price even broke the $110 support level and settled well below the 55 simple moving average (4-hours). It traded as low as $104 before it started an upside correction. It climbed above the $110 and $112 resistance levels.

There was a break above the 23.6% Fib retracement level of the key decline from the $140 swing high to $104 low. Besides, there was a break above a crucial bearish trend line with resistance near $114 on the 4-hours chart of the LTC/USD pair.

The pair is now trading near the $118 and $120 resistance levels. The 50% Fib retracement level of the key decline from the $140 swing high to $104 low is also near the $120 level.

The 55 simple moving average (4-hours) is also near the $120 zone. A clear break and close above $120 could open the doors for a decent increase. The next major resistance is near the $135. On the downside, the $110 level is a strong support. If there is a close below $110, the price might dive towards the $100 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading well below $120 and the 55 simple moving average (4-hours). Overall, the price could start a decent increase above the $118 and $120 resistance levels in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is slowly 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 – $110 and $100.

Key Resistance Levels – $120 and $130.

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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