- Litecoin price started a fresh increase above $125 against the US Dollar.
- LTC price traded towards the $140 resistance and settled well above the 55 simple moving average (4-hours).
- There is a major declining channel forming with resistance near $130.00 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 $130 resistance zone in the near term.
Litecoin price Analysis
This week, there were swing moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price broke the $125 resistance and settled well above the 55 simple moving average (4-hours).
The price broke the $130 resistance and traded towards the $140 level. A high was formed near $140 before the price started a downside correction. There was a break below the $132 and $130 support levels. The price even spiked below the 23.6% Fib retracement level of the main upward move from the $95 swing low to $140 high.
If there is an upside break above the channel resistance, the price is likely to continue higher above $132. In the stated case, there are high chances of a retest of the $140 level. Any more upsides may possibly clear the path for a push towards the $150 level.
Conversely, the price could continue to move lower below the $122 support. The next major support is near the $120 level and the 55 simple moving average (4-hours).
The main support is now forming near the $118 level. It is close to the 50% Fib retracement level of the main upward move from the $95 swing low to $140 high.
Looking at the chart, litecoin price is clearly trading in a positive zone above the $120 support zone. Overall, the price is likely to continue higher once it clears the $130 resistance zone in the near term.
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 now close to the 50 level.
Key Support Levels – $120 and $118.00.
Key Resistance Levels – $130 and $140.