- 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.
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.
