Litecoin (LTC) price analysis: downtrend intact below $ 165

Publi


  • Litecoin price is facing resistance near the $ 165 zone against the US Dollar.
  • The LTC price is now trading below $ 155 and the 55 simple moving average (4-hourly).
  • A major downtrend line is forming with resistance near $ 160 on the 4-hour chart of the LTC / USD pair (data feed from Coinbase).
  • The pair could start a new decline if it does not sustain above the $ 142 support.

The price of Litecoin is consolidating below $ 165 against the US dollar, similar to bitcoin. The LTC price could turn down again if it breaks the $ 142 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 $ 180 resistance zone and started a new decline.

There was a break below the $ 165 and $ 155 support levels. The price even sank below the $ 150 support and the 55 simple moving average (4-hours). A low has formed near the $ 142 level and the price is now correcting losses.

There was a move above the $ 150 level. It is now facing resistance near the $ 155 zone and the 55 simple moving average (4-hours). It is also close to the 23.6% Fib retracement level of the downward move from the $ 220 high to $ 142 low.

The next key resistance could be $ 160. A major downtrend line is also forming with resistance near $ 160 on the 4-hour chart of the LTC / USD pair.

The main barrier is now near the $ 165 level. A move above the $ 165 level could push the price towards the 50% Fib retracement level of the downward move from the $ 220 high to $ 142 low. A close above the $ 165 and $ 168 levels could open the doors for a decent rise.

In the indicated case, the price could rise towards the $ 200 level in the short term. On the downside, an immediate support is near the $ 145 level. The first key support is near the $ 142 level. If there is a break to the downside of the $ 142 support, the price could visit $ 130. The next key support is near the $ 120 level, below which the price could slide towards the $ 105 level.

Looking at the chart, the price of litecoin is clearly trading below $ 160 and the 55 simple moving average (4-hourly). Overall, the price could start a new dip if it doesn’t sustain above the $ 142 support in the short term.

Technical indicators

4-hour MACD – The MACD for LTC / USD is slowly gaining pace in the bullish zone.

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

Key Support Levels – $ 150 and $ 142

Key Resistance Levels – $ 160 and $ 165.

Etiquetas: litecoin, LTC

Where to trade Bitcoin with leverage?

Stormgain is the leading cryptocurrency exchange. And to celebrate the great moment that Bitcoin is experiencing, it is offering 25 USDT fully to your new users.
This Exchange is the Official Partner of the Newcastle Premier League team.
And exclusively for users of cryptopassion, Stormgain is going to give away 25 USDT with the first deposit, which must be a minimum of $ 110.

All you have to do is enter this link, register and make the first deposit of $ 110 or more, to start enjoying cryptocurrency trading with leverage of up to x200.
Promotion code: BONUS25

We would love to give thanks to the author of this short article for this remarkable web content

Litecoin (LTC) price analysis: downtrend intact below $ 165

Dispensary Business News