Litecoin price is trading in a positive zone above $200 against the US Dollar, similar to bitcoin. LTC price is likely to accelerate higher above $240 and $250 in the near term.
Litecoin Price Analysis
This week, there were bullish moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC corrected lower, but dips were limited below $200.
The last swing low was near $199 before the price started a fresh increase. There was a break above the $210 resistance levels. Moreover, there was a break above a key bearish trend line with resistance near $210 on the 4-hours chart of the LTC/USD pair.
It opened the doors for more gains above the $220 and $225 resistance levels. A new yearly high is formed near the $240 level. The price is now trading well above $220 support and the 55 simple moving average (4-hours).
An initial support is near the $230 level. It is close to the 23.6% Fib retracement level of the upward move from the $199 swing low to $240 high. The next major support is near the $220 level.
The 50% Fib retracement level of the upward move from the $199 swing low to $240 high is also near $220 to provide support. Besides, there is a crucial bullish trend line forming with support near $208 on the same chart.
On the upside, the $240 level is an immediate hurdle. The next key resistance is near the $250 level. A clear break above the $250 resistance will most likely pump the price towards $280 in the coming sessions.
Looking at the chart, litecoin price is clearly trading nicely above $220 and the 55 simple moving average (4-hours). Overall, the price could dips a few points, but there are high chances of a break above the $250 resistance.
4 hours MACD – The MACD for LTC/USD is currently showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is still well above the 55 level.
Key Support Levels – $220 and $210.
Key Resistance Levels – $240 and $250.
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