- Litecoin price is showing a few positive signs above the $150 level against the US Dollar.
- LTC price is now just above the $180 level and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $175 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to start a decent increase if there is a close above $195 and $200.
Litecoin price is struggling to gain pace above $190 against the US Dollar, similar to bitcoin. LTC price must break $200 to kickstart a strong increase in the near term.
Litecoin Price Analysis
This past week, there was a decent recovery wave in bitcoin, ethereum, ripple, and litecoin against the US Dollar. LTC formed a base above the $150 level and it recently corrected higher.
There was a break above the $165 resistance level. The price climbed above the 23.6% Fib retracement level of the main drop from the $320 swing high to $117 low. There was also a break above a major bearish trend line with resistance near $175 on the 4-hours chart of the LTC/USD pair.
The pair is now just above the $180 level and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $192 and $195 levels. The first major resistance is near the $200 zone.
The next major resistance is near the $220 level. It is close to the 50% Fib retracement level of the main drop from the $320 swing high to $117 low. Any more gains could set the pace for a decent increase above the $225 and $235 levels in the near term,
An initial support on the downside is near the $180 level and the 55 SMA. The next major support could be near the $1265 zone. Any more losses might call for a drop towards the $120 level.
Looking at the chart, litecoin price is now trading just above $180 and the 55 simple moving average (4-hours). Overall, the price is likely to start a decent increase if there is a close above $195 and $200.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is struggling to stay above the 50 level.
Key Support Levels – $180 and $165.
Key Resistance Levels – $195 and $200.
