Litecoin (LTC) Price Analysis: Chances of Strong Surge Above $200

Litecoin price is consolidating below $200 against the US Dollar, while bitcoin is rising. LTC price could rally above $200 as long as it is above $180.

Litecoin Price Analysis

This week, there was a decent upward move in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above the $172 and $180 levels to start the current increase.

However, the price is still struggling to clear the $200 resistance zone. There was already a bearish reaction from the $200 resistance. The price declined below the $190 support level. There was also a break below the 50% Fib retracement level of the upward move from the $180 swing low to $200 high.

The bulls protected the $188 support zone. The 61.8% Fib retracement level of the upward move from the $180 swing low to $200 high also provided support.

Moreover, there is a key bullish trend line forming with support near $192 on the 4-hours chart of the LTC/USD pair. The pair is now trading well above the $180 level and the 55 simple moving average (4-hours). On the upside, the $200 zone is a major breakout zone.

A clear break above the $200 zone could pump the price towards the $208 level. Any more gains could set the pace for a push towards the $225 and $232 levels in the near term.

Conversely, there is a risk of a bearish wave from the $200 resistance. The main support stands at $180 and the 55 simple moving average (4-hours), below which the price might dive to $165.

Litecoin (LTC) Price

Looking at the chart, litecoin price is now trading well above $180 and the 55 simple moving average (4-hours). Overall, the price is likely to continue rally if there is a clear break and close above $200 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 – $192 and $185.

Key Resistance Levels – $200 and $208.

Source: Read Full Article