Litecoin Price Analysis
This week, bitcoin, ethereum, ripple, and litecoin all increased in value relative to the US dollar. Previously, LTC formed a base above the $115 level of support.
The previous swing low was near $123 before the price resumed its upward trend. A clear breakout above the $125 resistance level and the 55 simple moving average occurred (4-hours). The price even surpassed the $130 mark. It recently reached a high of $134 and is now consolidating gains.
On the downside, support is located near the $128 level. It is approaching the 50% Fibonacci retracement level of the rise from the $123 swing low to the $134 high.
On the 4-hours chart of the LTC/USD pair, a significant bullish trend line is also forming with support near $128. The next significant level of support is near the $126 level. It is also the 61% Fibonacci retracement level of the upward run from the $123 swing low to the $134 high.
If the price breaks below the $126 support, it may continue to fall towards the $120 level. On the upside, an early resistance level is near $134.
The first significant resistance level is located near the $135 level. The price must clear $134 and $135 to initiate a new climb. In the aforementioned scenario, the price may reach $150. The next significant barrier level could be $162.
Looking at the chart, it is evident that the price of litecoin is trading above the $122 mark and the 55 simple moving average (4-hours). In general, if the price breaks through the $135 resistance zone, a new uptrend may begin.
Technical indicators
- 4 hours MACD – The MACD for LTC/USD is now losing 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 – $128 and $126
- Key Resistance Levels – $135 and $150.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
