HomeAltcoin NewsLitecoin (LTC) Price Analysis: Chances of Strong Surge Above $200

Litecoin (LTC) Price Analysis: Chances of Strong Surge Above $200

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

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...
spot_imgspot_img
  • Litecoin price is still struggling to clear the $200 resistance zone against the US Dollar.
  • LTC price is now trading well above the $180 level and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $192 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue rally if there is a clear break and close above $200 in the near term.

Litecoin price is consolidating below $200 against the US Dollar, while bitcoin is rising. LTC price could rally above $200 as long as it is above $180.

Litecoin Price Analysis

This week, there was a decent upward move in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above the $172 and $180 levels to start the current increase.

However, the price is still struggling to clear the $200 resistance zone. There was already a bearish reaction from the $200 resistance. The price declined below the $190 support level. There was also a break below the 50% Fib retracement level of the upward move from the $180 swing low to $200 high.

The bulls protected the $188 support zone. The 61.8% Fib retracement level of the upward move from the $180 swing low to $200 high also provided support.

Moreover, there is a key bullish trend line forming with support near $192 on the 4-hours chart of the LTC/USD pair. The pair is now trading well above the $180 level and the 55 simple moving average (4-hours). On the upside, the $200 zone is a major breakout zone.

A clear break above the $200 zone could pump the price towards the $208 level. Any more gains could set the pace for a push towards the $225 and $232 levels in the near term.

Conversely, there is a risk of a bearish wave from the $200 resistance. The main support stands at $180 and the 55 simple moving average (4-hours), below which the price might dive to $165.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is now trading well above $180 and the 55 simple moving average (4-hours). Overall, the price is likely to continue rally if there is a clear break and close above $200 in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well above the 50 level.

Key Support Levels – $192 and $185.

Key Resistance Levels – $200 and $208.

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