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.
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.
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.
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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