- Litecoin price started a fresh increase above the $125 resistance zone against the US Dollar.
- LTC price is now trading nicely above $132 and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $142 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to accelerate higher if there is a clear break above $142 and $145.
Litecoin price is attempting a recovery above $132 against the US Dollar, similar to bitcoin. LTC price must clear $142 to continue higher in the near term.
Litecoin Price Analysis
This week, there was a steady increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above the $120 and $118 levels.
The price started a steady increase above the $132 resistance level and the 55 simple moving average (4-hours). It even cleared the $135 resistance level. Finally, there was a spike above the $140 level and the price traded as high as $142.
It is now consolidating gains below $142. It spiked below the 23.6% Fib retracement level of the upward move from the $$127 swing low to $142 high. However, the bulls were active near the $135 level.
The price also remained stable above the 50% Fib retracement level of the upward move from the $$127 swing low to $142 high. Moreover, there is a key contracting triangle forming with resistance near $142 on the 4-hours chart of the LTC/USD pair.
A clear upside break above the triangle resistance could set the pace for a larger increase. The next key resistance is near $145, followed by $150. Any more gains could lead the price towards $175.
On the downside, the price is likely to remain stable near $135. The next key support is near the $132 level, below which there is a risk of a move towards the $125 level.
Looking at the chart, litecoin price is clearly trading well above $130 and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher if there is a clear break above $142 and $145 in the near term.
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 above the 50 level.
Key Support Levels – $135 and $132.
Key Resistance Levels – $142 and $150.
