- Litecoin price is facing resistance near the $220 zone against the US Dollar.
- LTC price is now trading near $205 and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $211 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a fresh decline if it fails to stay above the $200 support.
Litecoin price is consolidating above $200 against the US Dollar, similar to bitcoin. LTC price could resume lower if it breaks the $200 support zone.
Litecoin Price Analysis
This week, there was a decent recovery in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $230 resistance zone and started a fresh decline.
There was a break below the $220 and $210 support levels. The price even dived below the $200 support and the 55 simple moving average (4-hours). A low was formed near the $182 level and the price is now correcting losses.
It is now trading near the $200 resistance zone. There was a break above the 50% Fib retracement level of the downward move from the $229 swing high to $182 low. Besides, there was a break above a crucial bearish trend line with resistance near $211 on the 4-hours chart of the LTC/USD pair.
An initial resistance is near the $215 level. The next key resistance could be $220. A close above the $215 and $220 levels could open the doors for a decent increase. In the stated case, the price could rise towards the $240 level in the near term.
On the downside, an immediate support is near the $205 level. The first key support is near the $200 level. If there is a downside break the $200 support, the price could visit $182. The next key support is near the $165 level, below which the price could slide towards the $150 level.
Looking at the chart, litecoin price is clearly trading near $205 and the 55 simple moving average (4-hours). Overall, the price could start a fresh decline if it fails to stay above the $200 support in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now near the 50 level.
Key Support Levels – $205 and $200
Key Resistance Levels – $215 and $220.
