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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Faces Major Hurdle Near $115

Litecoin (LTC) Price Analysis: Faces Major Hurdle Near $115

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  • Litecoin is struggling to clear the $115 resistance against the US Dollar.
  • LTC price is now trading above $105 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $109 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could start another decline if it trades below $109 and $105.

Litecoin price is struggling below $115 against the US Dollar, similar to bitcoin. LTC price decline heavily if there is a close below the $105 level.

Litecoin Price Analysis

This week, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC traded below the $95 support level.

It traded as low as $91.52 before starting a fresh increase. There was a clear move above the $100 resistance level and the 55 simple moving average (4-hours). The price climbed above the 50% Fib retracement level of the key decline from the $132 high to $92 swing low.

There was also a spike above the $112 level. However, the price failed to clear the $115 resistance zone. It faced sellers near the 61.8% Fib retracement level of the key decline from the $132 high to $92 swing low.

It is now consolidating below the $110 level. On the upside, an initial resistance is near the $114 level. The first major resistance is near the $115 level. To start a fresh increase, the price must clear $115 and $116. In the stated case, the price could rise towards $125. The next key resistance could be $132.

On the downside, an immediate support is near the $108 level. There is also a major bullish trend line forming with support near $109 on the 4-hours chart of the LTC/USD pair.

The next key support is near the $105 level. If there is a downside break below the $105 support, the price could continue to move down towards the $92 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $105 and the 55 simple moving average (4-hours). Overall, the price could start another decline if it trades below $109 and $105.

Technical indicators

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

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

Key Support Levels – $108 and $105

Key Resistance Levels – $115 and $125.

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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