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Litecoin (LTC) Price Analysis: Key Resistance Active, Buying Dips Favored

Litecoin price struggled to gains strength above the $144.00 and $145.00 resistance levels. LTC is currently declining, but it is likely to find a strong support near $130.00 or $126.00.

Key Talking Points

  • Litecoin price faced a strong resistance near $145.00 and failed to extend gains (Data feed of Kraken) against the US Dollar.
  • There was a break below a key bullish trend line with support near $139.00 on the 4-hours chart.
  • LTC price is currently trading below $138.00, but it is likely to find bids as long as above $126.00.

Litecoin Price Analysis (LTC)

This past week, there were solid gains in bitcoin, Ethereum, ripple, EOS and Litecoin against the US Dollar. The LTC/USD pair climbed above the $140.00 level, but it struggled once again to gain strength above the $144.00 and $145.00 resistance levels.

Litecoin Price Analysis (LTC) Chart

Looking at the chart, LTC price traded as high as $145.74 and settled above the 100 simple moving average (4-hours). Later, there was a sharp downside correction below the $140.00 support level.

Moreover, there was a break below a key bullish trend line with support near $139.00 on the 4-hours chart. The pair even spiked below the $134.00 level, but the $132.00 level acted as a support.

Besides, the 100 SMA acted as a strong support and the price is currently correcting higher towards $135.00. An initial resistance is near the $134.50 level plus the 23.6% Fib retracement level of the last decline from the $145.75 high to $131.12 low.

However, the main resistance is near the $138.50 level. It coincides with the broken trend line and the 50% Fib retracement level of the last decline from the $145.75 high to $131.12 low.

To start a solid rally, the price must surpass the key $144.00 and $145.00 resistance levels. The next hurdle could be near the $150.00 zone.

Overall, litecoin price is trading above the key $132.00 support. If there are more losses, the next main support for the bulls is near the $126.00 area, below which LTC could turn bearish in the near term.

The market data is provided by TradingView.

https://ethereumworldnews.com/litecoin-ltc-price-analysis-key-resistance-active-buying-dips-favored/
cryptohero8
I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.

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