- Litecoin is eyeing an upside break above the $130 resistance against the US Dollar.
- LTC price is now trading above $120 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $121 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it manages to clear the $130 resistance zone.
Litecoin price is gaining pace above $120 against the US Dollar, similar to bitcoin. LTC price could start a major increase if it clears the $130 level.
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 $102 support level.
The last swing low was formed near $104 before the price started a fresh increase. There was a clear move above the $115 resistance level and the 55 simple moving average (4-hours). The price even spiked above the $120 level. It traded as high as $127 and is currently consolidating gains.
On the downside, an immediate support is near the $125 level. It is near the 23.6% Fib retracement level of the upward move from the $118 swing low to $127 high.
The next key support is near the $123 level. It coincides with the 50% Fib retracement level of the upward move from the $118 swing low to $127 high. There is also a key bullish trend line forming with support near $121 on the 4-hours chart of the LTC/USD pair.
If there is a downside break below the $120 support, the price could continue to move down towards the $105 level. On the upside, an initial resistance is near the $127 level.
The first major resistance is near the $130 level. To start a fresh increase, the price must clear $127 and $130. In the stated case, the price could rise towards $145. The next key resistance could be $150.
Looking at the chart, litecoin price is clearly trading above $120 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it manages to clear the $130 resistance zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining 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 – $120 and $115
Key Resistance Levels – $127 and $130.
