Litecoin price started a fresh increase above the 5 resistance zone against the US Dollar. LTC price is now trading nicely above 2 and the 55 simple moving average (4-hours). There is a key contracting triangle forming with resistance near 2 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair is likely to accelerate higher if there is a clear break above 2 and 5. Litecoin price is attempting a recovery above 2 against the US Dollar, similar to bitcoin. LTC price must clear 2 to continue higher in the near term. Litecoin Price Analysis This week, there was a steady increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above the 0 and 8 levels. The price started a
Topics:
Aayush Jindal considers the following as important: Altcoin News, Litecoin, LTC, News, Trading
This could be interesting, too:
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Bilal Hassan writes Sheila Warren to Step Down as CEO of CCI in January
Bilal Hassan writes Sui Partners with Ant Digital to Tokenize ESG Assets
Bilal Hassan writes Riot Platforms Boosts Bitcoin Holdings with 0 Million Purchase
- Litecoin price started a fresh increase above the $125 resistance zone against the US Dollar.
- LTC price is now trading nicely above $132 and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $142 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to accelerate higher if there is a clear break above $142 and $145.
Litecoin price is attempting a recovery above $132 against the US Dollar, similar to bitcoin. LTC price must clear $142 to continue higher in the near term.
Litecoin Price Analysis
This week, there was a steady increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above the $120 and $118 levels.
The price started a steady increase above the $132 resistance level and the 55 simple moving average (4-hours). It even cleared the $135 resistance level. Finally, there was a spike above the $140 level and the price traded as high as $142.
It is now consolidating gains below $142. It spiked below the 23.6% Fib retracement level of the upward move from the $$127 swing low to $142 high. However, the bulls were active near the $135 level.
The price also remained stable above the 50% Fib retracement level of the upward move from the $$127 swing low to $142 high. Moreover, there is a key contracting triangle forming with resistance near $142 on the 4-hours chart of the LTC/USD pair.
A clear upside break above the triangle resistance could set the pace for a larger increase. The next key resistance is near $145, followed by $150. Any more gains could lead the price towards $175.
On the downside, the price is likely to remain stable near $135. The next key support is near the $132 level, below which there is a risk of a move towards the $125 level.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading well above $130 and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher if there is a clear break above $142 and $145 in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly 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 – $135 and $132.
Key Resistance Levels – $142 and $150.