Litecoin (LTC) Price Analysis: Rally Gathers Pace above $200

  • Litecoin price found support near $170 and started a fresh increase against the US Dollar.
  • LTC price is now trading above $200 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $190 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could continue to rise towards $232 unless it fails to stay above the $190 level.

Litecoin price is climbing higher above $200 against the US Dollar, similar to bitcoin. LTC price could continue higher if it clears $215 and $220.

Litecoin Price Analysis

This week, there was a fresh increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC failed to clear the $192 resistance and corrected lower.

There was a break below the $180 support, but dips were limited. The price formed a support base above $175 and started a fresh increase. There was a break above the $192 resistance zone. The price was able to clear the $200 resistance zone and the 55 simple moving average (4-hours).

A high is formed near $214 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the upward move from the $176 swing low to $214 high.

An immediate resistance is near the $212 level. The next key resistance could be $215. A close above the $215 and $220 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.

On the downside, an immediate support is near the $205 level. The first key support is near the $195 level. It is close to the 50% Fib retracement level of the upward move from the $176 swing low to $214 high. If there is a downside break the $195 support and the trend line, the price could revisit $175. The next key support is near the $165 level.

Litecoin (LTC) Price

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $200 and the 55 simple moving average (4-hours). Overall, the price could continue to rise towards $232 unless it fails to stay above the $192 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 – $205 and $192

Key Resistance Levels – $215 and $232.

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Source: Live Bitcoin News