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Litecoin (LTC) Price Analysis: Dips Likely To Remain Limited Below $140

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  • 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

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.

Tags: litecoin, LTC



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