- Litecoin price started a fresh increase above the $175 resistance zone against the US Dollar.
- LTC price is now trading above $180 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $174 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair must stay above the $175 support to continue higher in the near term.
Litecoin price is gaining pace above $180 against the US Dollar, similar to bitcoin. LTC price could continue higher if it manages to clear the $185 resistance.
Litecoin Price Analysis
This week, there was a slow increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC spiked below the $172 and $170 support levels.
The price tested the $165 support zone, where it found bids. A low was formed near $166 before the price started a decent increase. It broke the $175 resistance zone to move into a positive zone. There was also a break above a key bearish trend line with resistance near $174 on the 4-hours chart of the LTC/USD pair.
The pair cleared the 50% Fib retracement level of the key decline from the $192 swing high to $165 swing low. It is now trading above $180 and the 55 simple moving average (4-hours).
An immediate resistance is near the $185 level. It is close to the 76.4% Fib retracement level of the key decline from the $192 swing high to $165 swing low. On the upside, the price must clear $185 for more gains. The next key resistance could be $195. Any more gains could set the pace for a move towards the main $200 resistance in the near term
An immediate support is near the $180 level. The next key support is near the $175 level and the 55 simple moving average (4-hours), below which there is a risk of a move towards the $165 level.
Looking at the chart, litecoin price is clearly trading above $180 and the 55 simple moving average (4-hours). Overall, the price must stay above the $175 support to continue higher in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $180 and $175
Key Resistance Levels – $185 and $200.
