- Litecoin price struggled to clear the $165 resistance and corrected lower against the US Dollar.
- LTC price is trading close to the $140 support zone and the 55 simple moving average (4-hours).
- There is a major rising channel forming with support near $140 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could either start a fresh increase towards $165 or decline heavily below $140 in the near term.
Litecoin price is struggling to gain bullish momentum above $150 against the US Dollar, similar to bitcoin. LTC price could dive towards $120 if it fails to stay above $140.
Litecoin Price Analysis
This week, there was a fresh decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC followed a bullish path and surpassed the $150 resistance.
The price even broke the $160 level and settled above the 55 simple moving average (4-hours). However, the bulls failed to clear the $165 resistance zone. A high was formed near $166 and the price declined below $160. There was a break below the $152 and $150 support levels.
It is now trading close to the $140 support zone and the 55 simple moving average (4-hours). There is also a major rising channel forming with support near $140 on the 4-hours chart of the LTC/USD pair.
A low is formed near $138 and the price is currently consolidating losses. An initial resistance is near the $152 level. The 50% Fib retracement level of the downward move from the $166 swing high to $138 low is also near the $152 level.
The next major resistance is near the $160 level. It is close to the 76.4% 50% Fib retracement level of the downward move from the $166 swing high to $138 low. If litecoin price clears the $160 resistance, it could easily surpass the $165 resistance and continue higher.
Conversely, the price could break the channel support at $140 to start another decline. A close below the $140 and $138 levels may possibly spark a sharp decline towards the $122 and $120 support levels.
Looking at the chart, litecoin price is clearly struggling to stay above the $140 support zone. Overall, the price could either start a fresh increase towards $165 or decline heavily below $140 in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is still below the 50 level.
Key Support Levels – $140 and $122.
Key Resistance Levels – $152 and $160.