- Litecoin price extended its decline below the USD 130 support zone against the US dollar.
- LTC price is now trading below $ 132 and the simple moving average of 55 (4 hours).
- The 4-hour chart of the LTC / USD pair (data feed from Coinbase) broke below a major bullish trendline with support near USD 133.
- The pair could start another decline as long as it stays below the $ 132 and $ 135 levels in the short term.
Litecoin price is struggling to rebound above $ 132 against the US dollar, similar to Bitcoin. LTC price must exceed $ 135 to start a reasonable surge in the near future.
Litecoin price analysis
This week there has been a downward trend in Bitcoin, Ethereum, Ripple and Litecoin against the US dollar. Previously, LTC was unable to rise above the USD 140 resistance level.
It started another decline and broke the key support level of $ 132. The LTC / USD pair’s 4-hour chart also broke below a major bullish trendline with support near USD 133. The pair even settled below the $ 132 and simple moving average of 55 (4 hours) levels.
Eventually there was a surge below the $ 125 mark. A low has been formed near $ 123 and the price is now correcting losses. It broke the USD 128 and USD 130 levels.
It is now testing the 50% Fib retracement level of the recent decline from the swing high of $ 140 to the swing low of $ 123. It also faces strong resistance near the $ 132 mark and the 55 simple moving average (4 hours).
The 61.8% fib retracement level of the recent decline from the swing high of $ 140 to the swing low of $ 123 is also close to the $ 133 level. Hence, the price has to break through $ 132 and $ 133 to start a sharp surge in the near future. The next major resistance is near $ 140 and $ 142. A closing price above the $ 142 mark is required for a boost toward $ 150.
On the flip side, the $ 125 mark is strong support. If there is a closing price below $ 125, the price could drop towards $ 110.
Looking at the chart, the Litecoin price is clearly trading near $ 132 and the simple moving average of 55 (4 hours). Overall, the price could start falling again as long as it stays below the $ 132 and $ 135 levels in the short term.
4 hours MACD – The MACD for LTC / USD is slowly gaining pace in the upward zone.
4 hour RSI (Relative Strength Index) – The RSI for LTC / USD is now close to 50.
Major support levels – $ 125 and $ 110.
Key Resistance Levels – $ 132 and $ 140.