- Litecoin price extended its decline against the US dollar below the $ 110 support zone.
- LTC price is now trading below $ 120 and the simple moving average of 55 (4 hours).
- The 4-hour chart of the LTC / USD pair (data feed from Coinbase) broke through a key bearish trendline with resistance near USD 114.
- The pair could begin a neat rise above the $ 118 and $ 120 resistance levels in the near future.
Litecoin price is trying to rebound above $ 110 against the US dollar, similar to Bitcoin. The LTC price must exceed $ 120 to start a reasonable surge in the near future.
Litecoin price analysis
Bitcoin, Ethereum, Ripple and Litecoin have seen bearish movements against the US dollar this week. Previously, LTC was unable to stay above the main support level of $ 120.
The price even broke the USD 110 support level and settled well below the simple moving average of 55 (4 hours). It traded as low as $ 104 before taking an upward correction. It climbed above the $ 110 and $ 112 resistance levels.
There was a break above the 23.6% fib retracement level of the major drop from the high of $ 140 to the low of $ 104. The LTC / USD pair’s 4-hour chart also broke through a key bearish trendline with resistance near $ 114.
The pair is now trading near the USD 118 and USD 120 resistance levels. The 50% Fib retracement level of the major drop from the $ 140 high to the $ 104 low is also near the $ 120 level.
The simple moving average of 55 (4 hours) is also near the $ 120 zone. A clear break and close above $ 120 could open the doors to a decent move higher. The next major resistance is near $ 135. On the flip side, the $ 110 mark is strong support. If there is a closing price below $ 110, the price could drop towards $ 100.
If you look at the chart, the Litecoin price is trading well below $ 120 and the simple moving average of 55 (4 hours). Overall, the price could start a decent spike above the USD 118 and USD 120 resistance levels in the near future.
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 above the 50 mark.
Major support levels – $ 110 and $ 100.
Key Resistance Levels – $ 120 and $ 130.