- Litecoin price found support near $170 and started a fresh increase against the US Dollar.
- LTC price is now trading above $200 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $190 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to rise towards $232 unless it fails to stay above the $190 level.
Litecoin price is climbing higher above $200 against the US Dollar, similar to bitcoin. LTC price could continue higher if it clears $215 and $220.
Litecoin Price Analysis
This week, there was a fresh increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC failed to clear the $192 resistance and corrected lower.
There was a break below the $180 support, but dips were limited. The price formed a support base above $175 and started a fresh increase. There was a break above the $192 resistance zone. The price was able to clear the $200 resistance zone and the 55 simple moving average (4-hours).
A high is formed near $214 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the upward move from the $176 swing low to $214 high.
An immediate resistance is near the $212 level. The next key resistance could be $215. A close above the $215 and $220 levels could open the doors for a decent increase. In the stated case, the price could rise towards the $240 barrier in the near term.
On the downside, an immediate support is near the $205 level. The first key support is near the $195 level. It is close to the 50% Fib retracement level of the upward move from the $176 swing low to $214 high. If there is a downside break the $195 support and the trend line, the price could revisit $175. The next key support is near the $165 level.
Looking at the chart, litecoin price is clearly trading above $200 and the 55 simple moving average (4-hours). Overall, the price could continue to rise towards $232 unless it fails to stay above the $192 level.
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 – $205 and $192
Key Resistance Levels – $215 and $232.
