Litecoin price started a fresh increase above 0 against the US Dollar.LTC price extended its rise towards the 5 level settled well above the 55 simple moving average (4-hours).There is a key rising channel forming with resistance near 5 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 5 resistance zone in the near term.Litecoin price is following a bullish path above 0 against the US Dollar, similar to bitcoin. LTC price is consolidating gains and it might continue to rise if it clears 5.Litecoin Price AnalysisThis week, there were strong upward moves in bitcoin, Ethereum, and litecoin against the US Dollar, while ripple struggled. Earlier, LTC price broke the key 8 and 0 resistance levels to
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- 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).
Litecoin (LTC) Price
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.