Litecoin (LTC) Price Analysis: Key Hurdle Nearby At $240
- Litecoin price extended its decline below the $232 support against the US Dollar.
- LTC price is now trading below $232 and the 55 simple moving average (4-hours).
- There is a major bearish trend line is forming with resistance near $235 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could face a strong selling interest near the $235 and $240 levels in the near term.
Litecoin price is consolidating above $200 against the US Dollar, similar to bitcoin. LTC price could continue higher if it clears $235 and $240.
Litecoin Price Analysis
This week, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $290 resistance zone and started a fresh decline.
There was a break below the $250 and $240 support levels. The price even dived below the $232 support and the 55 simple moving average (4-hours). A low was formed near the $199 level and the price is now consolidating losses.
It is now trading near the $220 resistance zone. It is testing the 23.6% Fib retracement level of the downward move from the $281 swing high to $199 low.
An initial resistance is near the $230 level. There is also a major bearish trend line is forming with resistance near $235 on the 4-hours chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $281 swing high to $199 low.
The next key resistance could be $240. A close above the $235 and $240 levels could open the doors for a decent increase. In the stated case, the price could rise towards the $280 level in the near term.
On the downside, an immediate support is near the $215 level. The first key support is near the $200 level. If there is a downside break the $200 support, the price could visit $180. The next key support is near the $175 level, below which the price could slide towards the $150 level.
Litecoin Price
Looking at the chart, litecoin price is clearly trading below $232 and the 55 simple moving average (4-hours). Overall, the price could face a strong selling interest near the $235 and $240 levels in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $215 and $210
Key Resistance Levels – $235 and $240.
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