Crypto AnalysisLitecoin Price Analysis

Litecoin (LTC) Price Analysis: Key Resistance Active, Buying Dips Favored

Litecoin price struggled to gains strength above the $144.00 and $145.00 resistance levels. LTC is currently declining, but it is likely to find a strong support near $130.00 or $126.00.

Key Talking Points

  • Litecoin price faced a strong resistance near $145.00 and failed to extend gains (Data feed of Kraken) against the US Dollar.
  • There was a break below a key bullish trend line with support near $139.00 on the 4-hours chart.
  • LTC price is currently trading below $138.00, but it is likely to find bids as long as above $126.00.

Litecoin Price Analysis (LTC)

This pas week, there were solid gains in bitcoin, Ethereum, ripple, EOS and Litecoin against the US Dollar. The LTC/USD pair climbed above the $140.00 level, but it struggled once again to gain strength above the $144.00 and $145.00 resistance levels.

Litecoin Price Analysis (LTC) Chart

Looking at the chart, LTC price traded as high as $145.74 and settled above the 100 simple moving average (4-hours). Later, there was a sharp downside correction below the $140.00 support level.

Moreover, there was a break below a key bullish trend line with support near $139.00 on the 4-hours chart. The pair even spiked below the $134.00 level, but the $132.00 level acted as a support.

Besides, the 100 SMA acted as a strong support and the price is currently correcting higher towards $135.00. An initial resistance is near the $134.50 level plus the 23.6% Fib retracement level of the last decline from the $145.75 high to $131.12 low.

However, the main resistance is near the $138.50 level. It coincides with the broken trend line and the 50% Fib retracement level of the last decline from the $145.75 high to $131.12 low.

To start a solid rally, the price must surpass the key $144.00 and $145.00 resistance levels. The next hurdle could be near the $150.00 zone.

Overall, litecoin price is trading above the key $132.00 support. If there are more losses, the next main support for the bulls is near the $126.00 area, below which LTC could turn bearish in the near term.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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