Market Analysis of Litecoin,price remains positive, projected to go above $130

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Similar to bitcoin, the price of Litecoin stayed in a positive zone above $120 against the US Dollar. The LTC price corrects the losses, but near $120 remains well supported.

Litecoin Price Analysis

There were swing swings this week against the US Dollar in Bitcoin, Ethereum, Ripple, and Litecoin. The LTC price pierced the resistance of $125 earlier and settled well above the simple moving average of 55 (4-hours).

The price pierced the resistance of $130 and traded towards the level of $140. Before the price began a downside correction, a high was set near $140. Below the $132 and $130 support levels, there was a split. The price also spiked below the 23.6 percent Fib retracement stage of the $95 swing low to $140 high of the key upward step.

LTC is now holding the ground above the support levels of $122 and $120. There is also a significant weakening channel developing on the LTC/USD pair’s 4-hour chart with resistance around $130.00.

The price is likely to continue higher above $132 if there is an upside break above the channel resistance. There are high chances of a $140 re-test in the case mentioned. Any more upsides can clear the way for a drive to the $150 level.

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In comparison, the price could continue to drop below the $122 support rate. Near the $120 level and the 55 simple moving average, the next big support is (4-hours).

Near the $118 mark, the key support is now emerging. From the $95 swing low to $140 high, it is similar to the 50 percent Fib retracement stage of the key upward step.

Litecoin (LTC) Price

Litecoin (LTC) Price

Looking at the chart, Litecoin price is clearly trading in a positive zone over the $120 support zone. Overall, the price is likely to continue to rise once the $130 resistance zone is cleared in the near term.

Technical indicators

4 hours MACD-In the Bearish region, the MACD for LTC/USD is currently losing momentum.

The RSI for LTC/USD is now close to the 50 stage with 4 hours of RSI (Relative Strength Index).

$120 and $118.00 Primary Support Levels.

Rates of Primary Resistance-$130 and $140.

 

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