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Litecoin (LTC) Price Analysis: $200 Holds The Key For Fresh Rally

  • Litecoin price started a sharp downside correction from the $250 resistance against the US Dollar.
  • LTC price is now trading well below $200 and the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $188 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair must clear the $190 and $200 resistance level for more upsides in the near term.

Litecoin price is consolidating losses below $200 against the US Dollar, while bitcoin is above $50K. LTC price must settle above $200 to avoid another decline in the near term.

Litecoin Price Analysis

Recently, there was a sharp decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC extended its gains above the $220 and $235 resistance levels.

However, the price failed to clear the $250 resistance and started a sharp decline. There was a break below the $220 support level. There was also a break below a major bullish trend line with support near $220 on the 4-hours chart of the LTC/USD pair.

It opened the doors for more losses below $200 and the 55 simple moving average (4-hours). The price even declined below the $180 support and tested $160.

A low is formed near $158 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the recent decline from the $250 swing high to $158 low. It seems like there is a key contracting triangle forming with resistance near $188 on the same chart.

The next major resistance is near the $200 zone. The 50% Fib retracement level of the recent decline from the $250 swing high to $158 low is also near $202.

To move back into a positive zone, the price must clear the $200 resistance zone. The next key resistance is near the $220 level. Conversely, there is a risk of another decline below the $175 and $170 levels. The main support is near $160, below which the price might test $150.

Litecoin (LTC) Price

Looking at the chart, litecoin price is now trading well below $200 and the 55 simple moving average (4-hours). Overall, the price must clear the $190 and $200 resistance level for more upsides in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently struggling to gain pace in the bullish zone.

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

Key Support Levels – $170 and $160.

Key Resistance Levels – $190 and $200.

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