- Litecoin price found support near $ 170 and started rising again against the US dollar.
- The LTC price is now trading above $ 200 and the simple moving average of 55 (4 hours).
- A large bullish trendline is forming on the 4-hour chart of the LTC / USD pair (data feed from Coinbase) with support near $ 190.
- The pair could continue to advance towards $ 232 unless it stays above the $ 190 level.
Litecoin price climbs to over $ 200 against the US dollar, similar to Bitcoin. The LTC price could continue to rise if it hits $ 215 and $ 220.
Litecoin price analysis
Bitcoin, Ethereum, Ripple and Litecoin rose again this week against the US dollar. Previously, LTC failed to break the USD 192 resistance and corrected to the downside.
There was a break below the USD 180 support, but the drops have been limited. The price formed a support base above $ 175 and started rising again. There was a break above the $ 192 resistance zone. The price was able to break the resistance zone of USD 200 and the simple moving average of 55 (4 hours).
A high is forming near $ 214 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the move up from the low of $ 176 to the high of $ 214.
Immediate resistance is near the $ 212 level. The next major resistance could be at $ 215. A closing price above the $ 215 and $ 220 levels could open the doors to a decent move higher. In the case mentioned, the price could rise towards the $ 240 mark in the short term.
On the flip side, immediate support is near the $ 205 level. The first major support is near the $ 195 mark. It is near the 50% Fib retracement level of the move up from the low of $ 176 to the high of $ 214. If there is a downtrend breaking the USD 195 support and the trend line, the price could hit USD 175 again. The next major support is near the $ 165 mark.
Looking at the chart, the Litecoin price is clearly trading above $ 200 and the simple moving average of 55 (4 hours). Overall, unless it doesn’t stay above the $ 192 level, the price could continue to climb towards $ 232.
4 hours MACD – The MACD for LTC / USD is now gaining pace in the upward zone.
4 hour RSI (Relative Strength Index) – The RSI for LTC / USD is now above the 50 mark.
Major support levels – $ 205 and $ 192
Key Resistance Levels – $ 215 and $ 232.
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