- Litecoin price found support near $200 and started a fresh increase against the US Dollar.
- LTC price is now trading above $220 and the 55 simple moving average (4-hours).
- There was a break above a key declining channel with resistance near $200 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to rise towards $320 unless it fails to stay above the $220 level.
Litecoin price is climbing higher above $240 against the US Dollar, similar to bitcoin. LTC price could continue higher if it clears $270 and $280.
Litecoin Price Analysis
This week, there was a fresh increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $200 level to start a major increase.
There was a steady increase above the $220 resistance. The price was able to clear the $240 resistance zone and the 55 simple moving average (4-hours). Finally, there was a clear move above the $270 level. A high was formed near $302 and the price started a downside correction.
There was a break below the $280 support level. The price declined below the 23.6% Fib retracement level of the upward move from the $191 swing low to $302 high.
On the downside, an immediate support is near the $250 level. The first key support is near the $246 level. It is close to the 50% Fib retracement level of the upward move from the $191 swing low to $302 high. If there is a downside break the $246 support and the trend line, the price could revisit $225.
The next key support is near the $220 level, below which the price could slide towards the $200 level. An immediate resistance is near the $265 level.
The next key resistance could be $275. A close above the $265 and $275 levels could open the doors for a decent increase. In the stated case, the price could rise towards the $300 barrier in the near term.
Looking at the chart, litecoin price is clearly trading above $250 and the 55 simple moving average (4-hours). Overall, the price could continue to rise towards $320 unless it fails to stay above the $220 level.
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 – $250 and $246
Key Resistance Levels – $265 and $275.