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Litecoin (LTC) Price Analysis: More Upsides Likely Above $140

  • Litecoin price started a fresh increase above the $125 resistance zone against the US Dollar.
  • LTC price is now trading nicely above $132 and the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $142 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to accelerate higher if there is a clear break above $142 and $145.

Litecoin price is attempting a recovery above $132 against the US Dollar, similar to bitcoin. LTC price must clear $142 to continue higher in the near term.

Litecoin Price Analysis

This week, there was a steady increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above the $120 and $118 levels.

The price started a steady increase above the $132 resistance level and the 55 simple moving average (4-hours). It even cleared the $135 resistance level. Finally, there was a spike above the $140 level and the price traded as high as $142.

It is now consolidating gains below $142. It spiked below the 23.6% Fib retracement level of the upward move from the $$127 swing low to $142 high. However, the bulls were active near the $135 level.

The price also remained stable above the 50% Fib retracement level of the upward move from the $$127 swing low to $142 high. Moreover, there is a key contracting triangle forming with resistance near $142 on the 4-hours chart of the LTC/USD pair.

A clear upside break above the triangle resistance could set the pace for a larger increase. The next key resistance is near $145, followed by $150. Any more gains could lead the price towards $175.

On the downside, the price is likely to remain stable near $135. The next key support is near the $132 level, below which there is a risk of a move towards the $125 level.

Litecoin (LTC) Price

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading well above $130 and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher if there is a clear break above $142 and $145 in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is slowly 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 – $135 and $132.

Key Resistance Levels – $142 and $150.

The post Litecoin (LTC) Price Analysis: More Upsides Likely Above $140 appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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