- Litecoin price again failed to clear $115 and corrected lower against the US Dollar.
- LTC price is now trading below $110 and the 55 simple moving average (4-hours).
- There is a major rising channel forming with support near $106 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $115 resistance zone.
Litecoin price is struggling below $1115 against the US Dollar, similar to bitcoin. LTC price could resume lower if it breaks the $105 support zone.
Litecoin Price Analysis
This week, there was a decent recovery wave in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $98 level and started a recovery wave.
A low was formed near $96.50 before there was a recovery wave. There was a move above the $104 and $105 resistance levels. The price was able to clear the 23.6% Fib retracement level of the key decline from the $154 swing high to $96.50 low.
The price even moved above the $112 level. However, there was no clear move above $115 and $116 resistance levels. It is now moving lower and trading below $112. There was a break below $110 and the 55 simple moving average (4-hours).
On the downside, an immediate support is near the $106 level. There is also a major rising channel forming with support near $106 on the 4-hours chart of the LTC/USD pair.
The next key support is near the $100 level. If there is a downside break the $100 support, the price could extend losses. The next major support is near the $95 level, below which the price could slide towards the $82 level.
On the upside, litecoin is facing resistance near the $115 level. The next major resistance for the bulls is near the $125 level. It is near the 50% Fib retracement level of the key decline from the $154 swing high to $96.50 low. To start a fresh increase, the price must clear $125. The next key resistance could be $140.
Looking at the chart, litecoin price is clearly trading below $115 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $115 resistance zone.
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 below the 50 level.
Key Support Levels – $106 and $100
Key Resistance Levels – $115 and $125.
