- Litecoin price topped near the $245 level and corrected lower against the US Dollar.
- LTC price is now trading well above the $200 level and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $212 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to continue higher as long as there is no daily close below the $205 zone.
Litecoin price is showing positive signs above $212 against the US Dollar, while bitcoin is declining. LTC price could rally above $225 as long as it is above $205.
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 $192 and $195 levels to start the current increase.
It gained pace above the $212 and $225 resistance levels. It even broke the $240 level, but it failed to clear the $245 resistance zone. A high was formed near $244 before there was a fresh decline. The price broke the $232 and $225 support levels.
It is now trading well above the $200 level and the 55 simple moving average (4-hours). A low is formed near $211 and the price is now consolidating above the $212 support. It traded above the 23.6% Fib retracement level of the recent decline from the $244 swing high to $211 swing low.
There is also a major bullish trend line forming with support near $212 on the 4-hours chart of the LTC/USD pair. On the upside, an immediate resistance is near the $228 level.
The 50% Fib retracement level of the recent decline from the $244 swing high to $211 swing low is also near the $228 level. A clear break above the $228 and $230 levels could open the doors for more upsides. The next major resistance is near $245, above which the price might surge towards $265.
Conversely, there is a risk of a bearish wave below the $212 support zone. The main support stands at $205 and the 55 simple moving average (4-hours), below which the price might dive to $185.
Looking at the chart, litecoin price is now trading well above $200 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher as long as there is no daily close below the $205 zone.
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 just above the 50 level.
Key Support Levels – $212 and $205.
Key Resistance Levels – $228 and $245.
