Litecoin (LTC) Price Analysis: Bulls Aim Test of $200

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bulls Aim Test of $200

Litecoin price started a fresh increase above the $175 resistance zone against the US Dollar.
LTC price is now trading above $180 and the 55 simple moving average (4-hours).
There was a break above a key bearish trend line with resistance near $174 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
The pair must stay above the $175 support to continue higher in the near term.

Litecoin price is gaining pace above $180 against the US Dollar, similar to bitcoin. LTC price could continue higher if it manages to clear the $185 resistance.
Litecoin Price Analysis
This week, there was a slow increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC spiked below the $172 and $170 support levels.
The price tested the $165 support zone, where it found bids. A low was formed near $166 before the price started a decent increase. It broke the $175 resistance zone to move into a positive zone. There was also a break above a key bearish trend line with resistance near $174 on the 4-hours chart of the LTC/USD pair.
The pair cleared the 50% Fib retracement level of the key decline from the $192 swing high to $165 swing low. It is now trading above $180 and the 55 simple moving average (4-hours).
An immediate resistance is near the $185 level. It is close to the 76.4% Fib retracement level of the key decline from the $192 swing high to $165 swing low. On the upside, the price must clear $185 for more gains. The next key resistance could be $195. Any more gains could set the pace for a move towards the main $200 resistance in the near term
An immediate support is near the $180 level. The next key support is near the $175 level and the 55 simple moving average (4-hours), below which there is a risk of a move towards the $165 level.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading above $180 and the 55 simple moving average (4-hours). Overall, the price must stay above the $175 support to continue higher in the near term.
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 – $180 and $175
Key Resistance Levels – $185 and $200.

Tags: litecoin, LTC

Leave a Reply

Your email address will not be published.

New Brokers
2.8 rating
Buy & sell Crypto in minutes
3.0 rating
Note: Investing involves risks. You can lose your deposit. We advise you to only invest in financial products which match your knowledge and experience.
2.0 rating
Interactive Brokers attracts active traders with low per-share pricing, an advanced trading platform.
4.3 rating
eToro is the world’s leading social trading platform, with thousands of options for traders and investors.
AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance