Litecoin price fell well below $ 150 but found support near $ 115 against the US dollar. LTC is currently rising but should face strong resistance near $ 150.
- Litecoin saw a sharp drop below the USD 165 and USD 150 support levels against the US dollar.
- The price rises from the $ 115 zone and tests the 100 simple moving average (4 hours).
- Previously there was a break below a major ascending channel with a support of USD 165 on the 4-hour chart of the LTC / USD pair (data feed from Kraken).
- Price needs to clear the USD 150 resistance to return to positive zone.
Litecoin price rebounds above $ 140
Bitcoin, Ethereum, Ripple and Litecoin recently saw a sharp decline against the US dollar. LTC price peaked near $ 185 for a short period before falling. It broke many key supports near $ 165 to enter a bearish zone.
There was also a break below a major ascending channel with support at USD 165 on the 4 hour chart for the LTC / USD pair. Litecoin price even broke the USD 150 support and simple moving average of 100 (4 hours).
There was a surge below the USD 125 support before the bulls showed near USD 115. A low is forming near the $ 113 level and the price is currently rising. There was a pause above the $ 125 and $ 130 levels. The price rebounded above the 23.6% fib retracement level of the downward move from the high of $ 186 to the low of $ 113.
Source: LTCUSD on TradingView.com
It is now approaching the USD 150 resistance level and 100 simple moving average (4 hours). The 50% Fib retracement level of the move down from the high of $ 186 to the low of $ 113 is also close to $ 150 to act as resistance.
If there is a significant break above the USD 150 resistance, the price could rise sharply. In the case mentioned, the price should continue to rise towards the USD 165 and USD 170 levels.
Fresh bath in LTC?
If Litecoin price fails to hit the USD 150 resistance level, it could see another drop. Initial support on the downside is near the USD 135 level.
The first major support is forming near the USD 132 level. Further losses could potentially send the price towards the USD 124 support in the upcoming sessions.
4 Hour MACD – The MACD is slowly moving into the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC / USD is currently correcting higher towards 50.
Major support levels – $ 135, followed by $ 124.
Main Resistance Levels – $ 150 and $ 165.