Litecoin (LTC) Price Analysis: Bulls Eye Crucial Upside Break

  • Litecoin price started a fresh increase after testing the $110 zone against the US Dollar.
  • LTC price is back above $140, but it is still below the 55 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $140 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher once it clears the $150 resistance zone in the near term.

Litecoin price is showing positive signs above $140 and $142 against the US Dollar, similar to bitcoin. LTC price must stay above $140 to clear $150 and $155.

Litecoin Price Analysis

This week, there were additional losses in bitcoin, Ethereum, ripple, and litecoin before a decent recovery against the US Dollar. Earlier, LTC price broke the $140 and $125 support levels.

There was also a break below the $120 level and the price settled below the 55 simple moving average (4-hours). It traded as low as $111 before the bulls took a stand. The price started a fresh increase and climbed above the $125 resistance level.

There was a clear break above the 23.6% Fib retracement level of the downward move from the $186 swing low to $111 swing low. Moreover, there was a break above a major contracting triangle with resistance near $140 on the 4-hours chart of the LTC/USD pair.

The price is now trading near the $148-$150 resistance zone. The 50% Fib retracement level of the downward move from the $186 swing low to $111 swing low is also acting as a resistance.

If there are more upsides, the price could continue to rise towards the $158 resistance and the 55 simple moving average (4-hours). A close above the $158 and $160 levels will most likely call for a push towards the $180 and $185 resistance levels.

Conversely, the price could start a fresh downside correction below the $145 level. The first major support on the downside is near the $140 level. A break below the $140 level might put a lot of pressure on the bulls.

Litecoin Price

Litecoin Price

Looking at the chart, litecoin price is clearly trading in a positive zone above the $140 support zone. Overall, the price is likely to continue higher once it clears the $150 resistance zone in the near term.

Technical indicators

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

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

Key Support Levels – $150 and $158.

Key Resistance Levels – $140 and $125.

Tags: litecoin, LTC

Source: https://www.livebitcoinnews.com/litecoin-ltc-price-analysis-bulls-eye-crucial-upside-break/