- Litecoin price is facing resistance near the $ 150 zone against the US Dollar.
- The LTC price is now trading below $ 150 and the 55 simple moving average (4-hourly).
- There was a break below a key uptrend line with support near $ 156 on the 4-hour chart of the LTC / USD pair (data feed from Coinbase).
- The pair could start a new rally if it sustains above the $ 140 support zone.
Litecoin’s price is consolidating above $ 140 against the US dollar, similar to bitcoin. The LTC price could turn down again if it breaks the $ 140 support zone.
Litecoin price analysis
This week, there was a further drop in bitcoin, ethereum, ripple, and litecoin against the US dollar. Previously, LTC struggled to clear the $ 162 resistance zone and started a new decline.
There was a break below the $ 155 and $ 150 support levels. The price even spiked below the $ 145 support and the 55 simple moving average (4-hours). Additionally, there was a break below a key uptrend line with support near $ 156 on the 4-hour chart of the LTC / USD pair.
A low has formed near the $ 143 level and the price is now consolidating losses. There was a move above the $ 145 level. Litecoin is now facing resistance near the $ 148 level. It is close to the 23.6% Fib retracement level of the downward move from the $ 162 high to $ 143 low.
The next big resistance for the bulls is near the $ 152 level. It is near the 50% Fib retracement level of the downward move from the $ 162 high to $ 143 low.
A clear move above the $ 152 level could boost the price. The next key resistance could be $ 162. On the downside, an immediate support is near the $ 142 level. The first key support is near the $ 140 level. If there is a break to the downside at the $ 140 support , the price could visit $ 135. The next key support is near the $ 120 level, below which the price could slide towards the $ 110 level.
Looking at the chart, the price of litecoin is clearly trading below $ 150 and the 55 simple moving average (4-hourly). Overall, the price could start a new rally if it sustains above the $ 140 support zone.
4-hour MACD – The MACD for LTC / USD is slowly losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC / USD is now below the 50 level.
Key Support Levels – $ 142 and $ 140
Key Resistance Levels – $ 148 and $ 150.
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Litecoin (LTC) price analysis: bears in control below $ 150 – CryptoPasion