- Litecoin price was close to the $ 245 level and was corrected lower against the US dollar.
- The LTC price is now trading well above the $ 200 level and the simple moving average of 55 (4 hours).
- A major bullish trendline is forming on the 4-hour chart of the LTC / USD pair (data feed from Coinbase) with support near USD 212.
- The pair should continue to rise as long as there is no daily close below the $ 205 zone.
Litecoin price is showing positive signs above $ 212 against the US dollar, while bitcoin price is falling. LTC price could go above $ 225 as long as it is above $ 205.
Litecoin price analysis
Bitcoin, Ethereum, Ripple and Litecoin have seen a decent upward move against the US dollar this week. Previously, LTC formed a support base above the USD 192 and USD 195 levels to begin the current move up.
It gained pace above the USD 212 and USD 225 resistance levels. It even passed the $ 240 level, but it failed to hit the $ 245 resistance zone. A high was formed near $ 244 before falling again. The price has broken the USD 232 and USD 225 support levels.
It is now trading well above the $ 200 level and 55 simple moving average (4 hours). A low is formed near $ 211 and the price is now consolidating above the $ 212 support. It was trading above the 23.6% fib retracement level of the recent decline from the swing high of $ 244 to the swing low of $ 211.
A major bullish trendline is also forming on the 4-hour chart of the LTC / USD pair with support near USD 212. On the upside, there is immediate resistance near the USD 228 level.
The 50% Fib retracement level of the recent decline from the $ 244 swing high to the $ 211 swing low is also near the $ 228 level. A clear break above the $ 228 and $ 230 levels could open the doors to further benefit. The next major resistance is at $ 245, above which the price could move towards $ 265.
Conversely, there is a risk of a bearish wave below the USD 212 support zone. The main support is at $ 205 and the simple moving average of 55 (4 hours) below which the price could drop to $ 185.
Looking at the graph, the Litecoin price is now trading well above $ 200 and the simple moving average of 55 (4 hours). Overall, the price should continue to rise as long as there is no daily close below the $ 205 zone.
4 hours MACD – The MACD for LTC / USD is slowly gaining pace in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI for LTC / USD is now just above the 50 level.
Major support levels – $ 212 and $ 205.
Major Resistance Levels – $ 228 and $ 245.