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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Facing Uphill Task Near $180

Litecoin (LTC) Price Analysis: Facing Uphill Task Near $180

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  • Litecoin price started an upside correction from the $145 swing low against the US Dollar.
  • LTC price is still trading well below $180 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $182 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could fail to clear the $180 resistance and start a fresh decline in the near term.

Litecoin price is struggling to clear $180 and $185 against the US Dollar, while bitcoin climbed 10%. LTC price must break $180 to kickstart a strong increase in the near term.

Litecoin Price Analysis

This week, there was another drop in bitcoin, ethereum, ripple, and litecoin against the US Dollar. LTC broke the $155 and $150 support levels. However, it found support near the $145 zone.

Recently, the price started a decent recovery wave from the $145 swing low. It broke the $155 and $165 resistance levels. There was also a break above the 23.6% Fib retracement level of the key decline from the $198 swing high to $145 low.

It is now testing the $172 resistance. The 50% Fib retracement level of the key decline from the $198 swing high to $145 low is also acting as a resistance. Besides, it is still trading well below $180 and the 55 simple moving average (4-hours).

There is also a bearish trend line forming with resistance near $182 on the 4-hours chart of the LTC/USD pair. A clear upside break above the $180 and $182 levels is must for a sustained upward move in the near term. The next major resistance is near the $200 level.

An initial support on the downside is near the $165 level. The next major support could be near the $150 zone. Any more losses might call for a drop towards the $130 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is still struggling below $180 and the 55 simple moving average (4-hours). Overall, the price could fail to clear the $180 resistance and start a fresh decline 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 back above the 50 level.

Key Support Levels – $155 and $150.

Key Resistance Levels – $180 and $200.

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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