- Litecoin price started a fresh increase above $150 against the US Dollar.
- LTC price extended its rise towards the $175 level settled well above the 55 simple moving average (4-hours).
- There is a key rising channel forming with resistance near $175 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 $175 resistance zone in the near term.
Litecoin price is following a bullish path above $150 against the US Dollar, similar to bitcoin. LTC price is consolidating gains and it might continue to rise if it clears $175.
Litecoin Price Analysis
This week, there were strong upward moves in bitcoin, Ethereum, and litecoin against the US Dollar, while ripple struggled. Earlier, LTC price broke the key $138 and $140 resistance levels to move into a positive zone.
The bulls gained strength, resulting in a clear break above the $150 level. The price even broke the $160 level and settled well above the 55 simple moving average (4-hours). It traded to a new multi-month high near $175 before correcting lower.
It retested the $140 support zone and restarted its increase above the $150 level. Litecoin climbed back above $160 and it even broke the 61.8% Fib retracement level of the downward move from the $174 swing low to $140 swing low.
The price is now trading above the $165 level. It is also showing positive signs above the 76.4% Fib retracement level of the downward move from the $174 swing low to $140 swing low. Therefore, there are high chances of more gains above the $175 and $180 levels.
It seems like there is a key rising channel forming with resistance near $175 on the 4-hours chart of the LTC/USD pair. A clear break above the $175 zone could even start a strong increase towards the $188 and $200 levels.
Conversely, the price start a downside correction below the channel support at $165. The first major support on the downside is near the $160 level. The next major support is near the $148 level and the 55 simple moving average (4-hours).
Looking at the chart, litecoin price is clearly trading in a positive zone above the $150 support zone. Overall, the price is likely to continue higher once it clears the $175 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 well above the 60 level.
Key Support Levels – $165 and $150.
Key Resistance Levels – $175 and $188.
