- Litecoin price started a fresh increase above $125 against the US Dollar.
- LTC price traded towards the $140 resistance and settled well above the 55 simple moving average (4-hours).
- There is a major declining channel forming with resistance near $130.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to continue higher once it clears the $130 resistance zone in the near term.
Litecoin price remained in a positive zone above $120 against the US Dollar, similar to bitcoin. LTC price is correcting gains, but it remains well supported near $120.
Litecoin Price Analysis
This week, there were swing moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price broke the $125 resistance and settled well above the 55 simple moving average (4-hours).
The price broke the $130 resistance and traded towards the $140 level. A high was formed near $140 before the price started a downside correction. There was a break below the $132 and $130 support levels. The price even spiked below the 23.6% Fib retracement level of the main upward move from the $95 swing low to $140 high.
LTC is now holding the ground above the $122 and $120 support levels. There is also a major declining channel forming with resistance near $130.00 on the 4-hours chart of the LTC/USD pair.
If there is an upside break above the channel resistance, the price is likely to continue higher above $132. In the stated case, there are high chances of a retest of the $140 level. Any more upsides may possibly clear the path for a push towards the $150 level.
Conversely, the price could continue to move lower below the $122 support. The next major support is near the $120 level and the 55 simple moving average (4-hours).
The main support is now forming near the $118 level. It is close to the 50% Fib retracement level of the main upward move from the $95 swing low to $140 high.
Looking at the chart, litecoin price is clearly trading in a positive zone above the $120 support zone. Overall, the price is likely to continue higher once it clears the $130 resistance zone 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 now close to the 50 level.
Key Support Levels – $120 and $118.00.
Key Resistance Levels – $130 and $140.
