Litecoin (LTC) Price Analysis: Why Break Above $210 Is Important
Litecoin price is consolidating above $195 and $200 against the US Dollar, while bitcoin is rising. LTC price needs to settle above $210 for a sustained upward move.
Litecoin Price Analysis
Earlier this week, there was a downward move in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC broke the $200 support zone and the 55 simple moving average (4-hours).
There was also a break below a major bullish trend line with support near $205 on the 4-hours chart of the LTC/USD pair. The pair tested the $190 zone, where the bulls appeared. A low is formed near $191 and the price is now rising.
It broke the $200 resistance, and climbed above the 23.6% Fib retracement level of the downward move from the $230 high to $191 low. It is now trading above the $200 level and testing the 55 simple moving average (4-hours).
There is also a key bullish trend line forming with support near $200 on the same chart. On the upside, an initial resistance is near the $207 level. The main resistance is near the $210 level. It is close to the 50% Fib retracement level of the downward move from the $230 high to $191 low.
A successful close above the $210 resistance level is needed to start a strong increase. In the stated case, the price could rise steadily towards the $230 and $240 levels.
Conversely, the price is likely to resume its decline below the trend line support and $200. The next key support is near $190, below which it could dive towards the $180 level.
Litecoin (LTC) Price
Looking at the chart, litecoin price is now trading well above $200 and it is testing the 55 simple moving average (4-hours). Overall, the price must clear the $210 resistance to start a strong increase in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well above the 50 level.
Key Support Levels – $200 and $190.
Key Resistance Levels – $210 and $240.
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