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Litecoin (LTC) Price Analysis: Bulls Facing Uphill Task Near $140

  • Litecoin price started an upside correction from the $105 support against the US Dollar.
  • LTC price is still trading well below $140 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $140 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair must clear $135 and $140 to start a fresh increase in the near term.

Litecoin price is struggling to gain pace above $130 against the US Dollar, unlike bitcoin. LTC price must break $140 to move into a positive zone in the near term.

Litecoin Price Analysis

This week, there was a decent recovery wave in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC declined heavily below the $130 level and the 55 simple moving average (4-hours).

The price even broke the $120 support level. It traded close to the $100 level and a low was formed near $105. Recently, there was an upside correction from $105 and the price climbed above $120. There was a break above the 23.6% Fib retracement level of the key decline from the $182 swing high to $105 low.

However, the price is still trading well below $140 and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $140 on the 4-hours chart of the LTC/USD pair.

The trend line is close to the 50% Fib retracement level of the key decline from the $182 swing high to $105 low. Therefore, litecoin price must break the trend line resistance and $140 to move into a positive zone. The next key resistance is near the $150 level and the 55 SMA.

An initial support on the downside is near the $122 level. The next major support could be near the $110 zone. Any more losses might call for a drop towards the $100 level.

Litecoin (LTC) Price

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading well below $140 and the 55 simple moving average (4-hours). Overall, the price must clear $135 and $140 to start a fresh increase in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is struggling to gain pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is still below the 50 level.

Key Support Levels – $122 and $110.

Key Resistance Levels – $135 and $140.

The post Litecoin (LTC) Price Analysis: Bulls Facing Uphill Task Near $140 appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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