Litecoin price started a fresh increase from the 5 support zone against the US Dollar.LTC price is now trading well above 0 pivot level and the 55 simple moving average (4-hours).There was a break above a major contracting triangle with resistance near 0 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair could correct lower, but it is likely to remain stable above 5 and 2.Litecoin price is showing positive signs above 5 against the US Dollar, similar to bitcoin. LTC price could correct lower, but the overall price action suggests more gains above 5.Litecoin Price AnalysisThis week, there was a decent increase in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base support near the 5 level before it
Topics:
Aayush Jindal considers the following as important: Altcoin News, Litecoin, LTC, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes Avail Teams Up with Leading Blockchain Platforms for Data Integration
Steve Muchoki writes Aligned Layer Successfully Raised M in Series A Funding Round Led by Hack VC
Mayowa Adebajo writes BNB Chain to Move Native Liquid Staking Feature to BSC
Temitope Olatunji writes Renzo (REZ) Addresses Community Backlash with Airdrop Adjustment and Token Stabilization Efforts
- Litecoin price started a fresh increase from the $125 support zone against the US Dollar.
- LTC price is now trading well above $140 pivot level and the 55 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance near $140 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could correct lower, but it is likely to remain stable above $145 and $142.
Litecoin price is showing positive signs above $145 against the US Dollar, similar to bitcoin. LTC price could correct lower, but the overall price action suggests more gains above $155.
Litecoin Price Analysis
This week, there was a decent increase in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base support near the $125 level before it started moving higher.
It broke the $130 and $132 resistance levels to move into a positive zone. There was also a break above a major contracting triangle with resistance near $140 on the 4-hours chart of the LTC/USD pair. It opened the doors for more gains above $142 and the price settled above the 55 simple moving average (4-hours).
The price even cleared the $150 resistance, but it is currently facing hurdles near the $155-$158 zone. A high is formed near $158 and the price is currently consolidating gains.
An initial support is near the $150 level. It is close to the 23.6% Fib retracement level of the upward move from the $125 swing low to $158 high. The next major support on the downside could be near the $142 zone (a pivot region).
The 50% Fib retracement level of the upward move from the $125 swing low to $158 high is also near $142. Any more losses might call for a test of the 55 simple moving average (4-hours) at $136.
On the upside, the price is facing a strong resistance near the $155 and $158 levels. A successful break above the $158 level might call for a push towards the $165 level.
Litecoin Price
Looking at the chart, litecoin price is clearly trading nicely above $140 pivot level and the 55 simple moving average (4-hours). Overall, the price could correct lower, but it is likely to remain stable above $145 and $142 in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is still well above the 50 level.
Key Support Levels – $150 and $142.
Key Resistance Levels – $155 and $158.