Thursday, January 14, 2021

Litecoin (LTC) Price Analysis: Bulls Eye Crucial Upside Break



  • Litecoin price started a fresh increase after testing the $110 zone against the US Dollar.

  • LTC price is back above $140, but it is still below the 55 simple moving average (4-hours).

  • There was a break above a major contracting triangle with resistance near $140 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).

  • The pair is likely to continue higher once it clears the $150 resistance zone in the near term.

Litecoin price is showing positive signs above $140 and $142 against the US Dollar, similar to bitcoin. LTC price must stay above $140 to clear $150 and $155.


Litecoin Price Analysis


This week, there were additional losses in bitcoin, Ethereum, ripple, and litecoin before a decent recovery against the US Dollar. Earlier, LTC price broke the $140 and $125 support levels.


There was also a break below the $120 level and the price settled below the 55 simple moving average (4-hours). It traded as low as $111 before the bulls took a stand. The price started a fresh increase and climbed above the $125 resistance level.


There was a clear break above the 23.6% Fib retracement level of the downward move from the $186 swing low to $111 swing low. Moreover, there was a break above a major contracting triangle with resistance near $140 on the 4-hours chart of the LTC/USD pair.


The price is now trading near the $148-$150 resistance zone. The 50% Fib retracement level of the downward move from the $186 swing low to $111 swing low is also acting as a resistance.


If there are more upsides, the price could continue to rise towards the $158 resistance and the 55 simple moving average (4-hours). A close above the $158 and $160 levels will most likely call for a push towards the $180 and $185 resistance levels.


Conversely, the price could start a fresh downside correction below the $145 level. The first major support on the downside is near the $140 level. A break below the $140 level might put a lot of pressure on the bulls.


Litecoin Price

Litecoin Price



Looking at the chart, litecoin price is clearly trading in a positive zone above the $140 support zone. Overall, the price is likely to continue higher once it clears the $150 resistance zone in the near term.


Technical indicators


4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bullish zone.


4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now close to the 50 level.


Key Support Levels – $150 and $158.


Key Resistance Levels – $140 and $125.


The post Litecoin (LTC) Price Analysis: Bulls Eye Crucial Upside Break appeared first on Live Bitcoin News.




Source livebitcoinnews.com

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