HomeAltcoin NewsLitecoin (LTC) Price Analysis: Recovery Possible Above $155

Litecoin (LTC) Price Analysis: Recovery Possible Above $155

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  • Litecoin price declined heavily below $165 and tested $155 against the US Dollar.
  • LTC price is now trading below $160 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $148 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair must move above the $155 resistance to start a decent recovery in the near term.

Litecoin price is recovering losses from $140 against the US Dollar, similar to bitcoin. LTC price could continue higher if it clears $155 and $160.

Litecoin Price Analysis

This week, there was a major decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. LTC broke many supports near $160 to enter a bearish zone.

There was also a break below the $155 level and the 55 simple moving average (4-hours). It tested the $140 zone and it is now attempting an upside correction. The price is back above the $145 level. There was a break above a key bearish trend line with resistance near $148 on the 4-hours chart of the LTC/USD pair.

An immediate resistance is near the $152 level and the 55 simple moving average (4-hours). It is close to the 23.6% Fib retracement level of the main decline from the $195 swing high to $140 low.

The next key resistance could be $165. It is close to the 50% Fib retracement level of the main decline from the $195 swing high to $140 low. The main resistance could be near the $170 level. A close above the $165 and $170 levels could open the doors for a decent increase.

In the stated case, the price could rise towards the $195 resistance in the near term. On the downside, an immediate support is near the $145 level. If there is a downside break the $145 support level, the price could revisit $140. The next key support is near the $125 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $160 and the 55 simple moving average (4-hours). Overall, the price must move above the $155 resistance to start a decent recovery in the near term.

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 just above the 50 level.

Key Support Levels – $145 and $140

Key Resistance Levels – $155 and $165.

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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