HomeAltcoin NewsLitecoin (LTC) Price Analysis: Key Breakout Zone At $132

Litecoin (LTC) Price Analysis: Key Breakout Zone At $132

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  • Litecoin failed to clear the $145 resistance and corrected lower against the US Dollar.
  • LTC price is now trading below $132 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $125 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could continue to rise if it stays above the $125 and $120 support levels.

Litecoin price is struggling below $132 against the US Dollar, similar to bitcoin. LTC price could resume higher if it stays above the $120 support zone.

Litecoin Price Analysis

This week, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $120 level and started a fresh increase.

There was a move above the $122 and $125 resistance levels. The price surpassed the 23.6% Fib retracement level of the recent decline from the $144 swing high to $121 swing low. The price spiked above $130, but it faced sellers near the $132 level.

There was a rejection near the 50% Fib retracement level of the recent decline from the $144 swing high to $121 swing low. It is now trading below $132 and the 55 simple moving average (4-hours).

On the downside, an immediate support is near the $125 level. There is also a key bullish trend line forming with support near $125 on the 4-hours chart of the LTC/USD pair. The next key support is near the $120 level.

If there is a downside break below the $120 support, the price could continue to move down towards the $105 level. On the upside, litecoin is facing resistance near the $130 level. The next major resistance for the bulls is near the $132 level.

To start a fresh increase, the price must clear $132. In the stated case, the price could rise towards $145. The next key resistance could be $150.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $132 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it stays above the $125 and $120 support levels.

Technical indicators

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

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

Key Support Levels – $125 and $120

Key Resistance Levels – $132 and $145.

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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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