- Litecoin price started a fresh increase from the $172 support against the US Dollar.
- LTC price is now trading above $195 and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $195 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to rise as long as it is above the $188 support level.
Litecoin price is moving higher and trading near $200 against the US Dollar, similar to bitcoin. LTC price could extend gains if there is a break above $212.
Litecoin Price Analysis
This week, there was a fresh rise in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC was able to form a base above the $172 level for a fresh increase.
It was able to clear the $188 resistance zone to move into a positive zone. There was also a break above a crucial bearish trend line with resistance near $195 on the 4-hours chart of the LTC/USD pair. The pair even broke the $195 and $200 levels.
A high is formed near $209 and the price is now consolidating gains. It is well above the $195 support and the 55 simple moving average (4-hours).
On the downside, an immediate support is near the $200 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $172 swing low to $209 high. The first key support is near the $195 level and the 55 SMA.
The next major support is near the $190 level. It is close to the 50% Fib retracement level of the recent upward move from the $172 swing low to $209 high. If there is a downside break the $195 support, the price could decline towards the $188 level. The next key support is near the $172 level.
An immediate resistance is near the $210 level. The next key resistance could be $212. A close above the $210 and $212 levels could open the doors for a decent increase. In the stated case, the price could rise towards the $240 barrier in the near term.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading above $195 and the 55 simple moving average (4-hours). Overall, the price could continue to rise as long as it is above the $188 support level.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now 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 – $200 and $195
Key Resistance Levels – $210 and $212.
Source: livebitcoinnews.com
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