HomeAltcoin NewsLitecoin (LTC) Price Analysis: Holding Uptrend Support at $140

Litecoin (LTC) Price Analysis: Holding Uptrend Support at $140

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  • Litecoin price struggled to clear the $165 resistance and corrected lower against the US Dollar.
  • LTC price is trading close to the $140 support zone and the 55 simple moving average (4-hours).
  • There is a major rising channel forming with support near $140 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could either start a fresh increase towards $165 or decline heavily below $140 in the near term.

Litecoin price is struggling to gain bullish momentum above $150 against the US Dollar, similar to bitcoin. LTC price could dive towards $120 if it fails to stay above $140.

Litecoin Price Analysis

This week, there was a fresh decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC followed a bullish path and surpassed the $150 resistance.

The price even broke the $160 level and settled above the 55 simple moving average (4-hours). However, the bulls failed to clear the $165 resistance zone. A high was formed near $166 and the price declined below $160. There was a break below the $152 and $150 support levels.

It is now trading close to the $140 support zone and the 55 simple moving average (4-hours). There is also a major rising channel forming with support near $140 on the 4-hours chart of the LTC/USD pair.

A low is formed near $138 and the price is currently consolidating losses. An initial resistance is near the $152 level. The 50% Fib retracement level of the downward move from the $166 swing high to $138 low is also near the $152 level.

The next major resistance is near the $160 level. It is close to the 76.4% 50% Fib retracement level of the downward move from the $166 swing high to $138 low. If litecoin price clears the $160 resistance, it could easily surpass the $165 resistance and continue higher.

Conversely, the price could break the channel support at $140 to start another decline. A close below the $140 and $138 levels may possibly spark a sharp decline towards the $122 and $120 support levels.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly struggling to stay above the $140 support zone. Overall, the price could either start a fresh increase towards $165 or decline heavily below $140 in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently losing momentum in the bearish zone.

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

Key Support Levels – $140 and $122.

Key Resistance Levels – $152 and $160.

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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