HomeAltcoin NewsLitecoin (LTC) Price Analysis: Why Break Above $210 Is Important

Litecoin (LTC) Price Analysis: Why Break Above $210 Is Important

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  • Litecoin price is recovering from the $190 support zone against the US Dollar.
  • LTC price is now trading above the $200 level and testing the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $200 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair must clear the $210 resistance to start a strong increase in the near term.

Litecoin price is consolidating above $195 and $200 against the US Dollar, while bitcoin is rising. LTC price needs to settle above $210 for a sustained upward move.

Litecoin Price Analysis

Earlier this week, there was a downward move in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC broke the $200 support zone and the 55 simple moving average (4-hours).

There was also a break below a major bullish trend line with support near $205 on the 4-hours chart of the LTC/USD pair. The pair tested the $190 zone, where the bulls appeared. A low is formed near $191 and the price is now rising.

It broke the $200 resistance, and climbed above the 23.6% Fib retracement level of the downward move from the $230 high to $191 low. It is now trading above the $200 level and testing the 55 simple moving average (4-hours).

There is also a key bullish trend line forming with support near $200 on the same chart. On the upside, an initial resistance is near the $207 level. The main resistance is near the $210 level. It is close to the 50% Fib retracement level of the downward move from the $230 high to $191 low.

A successful close above the $210 resistance level is needed to start a strong increase. In the stated case, the price could rise steadily towards the $230 and $240 levels.

Conversely, the price is likely to resume its decline below the trend line support and $200. The next key support is near $190, below which it could dive towards the $180 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is now trading well above $200 and it is testing the 55 simple moving average (4-hours). Overall, the price must clear the $210 resistance to start a strong increase in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well above the 50 level.

Key Support Levels – $200 and $190.

Key Resistance Levels – $210 and $240.

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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