HomeAltcoin NewsLitecoin (LTC) Price Analysis: Recovery Possible Above $175

Litecoin (LTC) Price Analysis: Recovery Possible Above $175

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  • Litecoin price declined heavily below $180 and tested $145 against the US Dollar.
  • LTC price is now trading below $170 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $164 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair must move above the $175 resistance to start a decent recovery in the near term.

Litecoin price is recovering losses from $145 against the US Dollar, similar to bitcoin. LTC price could continue higher if it clears $165 and $175.

Litecoin Price Analysis

This past week, there was a major decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. LTC broke many supports near $180 to enter a bearish zone.

There was also a break below the $165 level and the 55 simple moving average (4-hours). It tested the $145 zone and recently corrected higher. It climbed the 23.6% Fib retracement level of the recent decline from the $195 swing high to $144 swing low.

However, it is still trading below $170 and the 55 simple moving average (4-hours). An immediate resistance is near the $162 level. There is also a major bearish trend line forming with resistance near $164 on the 4-hours chart of the LTC/USD pair.

The next key resistance could be $170. It is close to the 50% Fib retracement level of the recent decline from the $195 swing high to $144 swing low.

The main resistance could be near the $175 level and the 55 SMA. A close above the $170 and $175 levels could open the doors for a decent increase. In the stated case, the price could rise towards the $188 resistance in the near term.

On the downside, an immediate support is near the $155 level. If there is a downside break the $155 support level, the price could revisit $150. The next key support is near the $145 level, below which there is a risk of a move towards the $125 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $170 and the 55 simple moving average (4-hours). Overall, the price must move above the $175 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 still below the 50 level.

Key Support Levels – $155 and $145

Key Resistance Levels – $165 and $175.

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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