Litecoin price failed to continue above the $150 resistance zone against the US Dollar. LTC price is currently trading below $140 and the 55 simple moving average (4-hours).

 

 

There was a break below a key bullish trend line with support near $136 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). If the pair breaks the $132 and $130 support levels in the near term, it could continue to decline.

Litecoin price is slowly moving ahead below $140 against the US Dollar on a slow reversal. LTC price must stay above $130 to avoid further losses.

Litecoin price analysis

There was a good upside move against the US Dollar in Bitcoin, Ethereum, Ripple and Litecoin this week. Earlier, LTC formed a bottom above the $130 level and started a fresh increase.

The bulls managed to push the price above the $140 level and the 55 simple moving average (4-hours). However, the price failed to continue higher above the $150 resistance zone. A top was formed near $150 before the price started a fresh decline.

The price traded below the $142 support level. It broke the 23.6% Fib retracement level of the upward move from the $105 high to $150 high. There was also a break below a key bullish trend line with support near $136 on the 4-hours chart of the LTC/USD pair.

The pair is currently trading below the $140 level and the 55 simple moving average (4-hours). An initial support is near the $132 level. The first major support is near the $128 level.

The 50% Fib retracement level of the rise from the $105/$150 high is also near the $128 level. Any more losses could lead to a drop towards the $120 level. On the upside, an initial resistance is near the $140 level and the 55 SMA.

The next key resistance is near $148 and $150. A close above the $150 level is needed for a strong increase in the near term.

Looking at the chart, Litecoin price is trading below $140 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if it breaks the $132 and $130 support levels in the near term.

technical indicators

4 hours MACD – The MACD for LTC/USD is slowly gaining momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.

Key Support Levels – $132 and $128.

Key Resistance Levels – $140 and $150.

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