Faces Major Hurdle Near $115 –admin
- Litecoin is struggling to clear the $115 resistance against the US Dollar.
- LTC price is now trading above $105 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $109 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start another decline if it trades below $109 and $105.
Litecoin price is struggling below $115 against the US Dollar, similar to bitcoin. LTC price decline heavily if there is a close below the $105 level.
Litecoin Price Analysis
This week, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC traded below the $95 support level.
It traded as low as $91.52 before starting a fresh increase. There was a clear move above the $100 resistance level and the 55 simple moving average (4-hours). The price climbed above the 50% Fib retracement level of the key decline from the $132 high to $92 swing low.
There was also a spike above the $112 level. However, the price failed to clear the $115 resistance zone. It faced sellers near the 61.8% Fib retracement level of the key decline from the $132 high to $92 swing low.
It is now consolidating below the $110 level. On the upside, an initial resistance is near the $114 level. The first major resistance is near the $115 level. To start a fresh increase, the price must clear $115 and $116. In the stated case, the price could rise towards $125. The next key resistance could be $132.
On the downside, an immediate support is near the $108 level. There is also a major bullish trend line forming with support near $109 on the 4-hours chart of the LTC/USD pair.
The next key support is near the $105 level. If there is a downside break below the $105 support, the price could continue to move down towards the $92 level.
Looking at the chart, litecoin price is clearly trading above $105 and the 55 simple moving average (4-hours). Overall, the price could start another decline if it trades below $109 and $105.
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now near the 50 level.
Key Support Levels – $108 and $105
Key Resistance Levels – $115 and $125.
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