HomeAltcoin NewsLitecoin (LTC) Price Analysis: Fresh Rally Likely If It Breaks $150

Litecoin (LTC) Price Analysis: Fresh Rally Likely If It Breaks $150

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  • Litecoin price started an upside correction above the $120 zone against the US Dollar.
  • LTC price is now well above the $130 level and the 55 simple moving average (4-hours).
  • There was a break above a crucial bearish trend lien with resistance near $128 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair must clear $145 and $150 to start a fresh rally in the near term.

Litecoin price is slowly gaining pace above $130 against the US Dollar, unlike bitcoin. LTC price must break $150 to move further into a positive zone in the near term.

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 base above the $120 level and it started a fresh increase.

The bulls were able to push the price above the $130 level and the 55 simple moving average (4-hours). There was a break above a crucial bearish trend lien with resistance near $128 on the 4-hours chart of the LTC/USD pair.

The pair even spiked above the 50% Fib retracement level of the main decline from the $182 swing high to $105 low. However, the price is now facing a strong resistance near the $145 and $150 levels. There was also already a rejection noted near the $148 level.

The 61.8% Fib retracement level of the main decline from the $182 swing high to $105 low is also near the $152 level. Therefore, the price must break the $150 and $152 levels to continue higher. The next key resistance is near the $165 level and $168.

An initial support on the downside is near the $135 level. The next major support could be near the $132 level and the 55 SMA. Any more losses might call for a drop towards the $110 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading well above $130 and the 55 simple moving average (4-hours). Overall, the price must clear $145 and $150 to start a fresh rally in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is struggling to gain 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 – $135 and $132.

Key Resistance Levels – $145 and $150.

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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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