Litecoin (LTC) Price Analysis: Recovery Possible Above $155

Litecoin (LTC) Price Analysis: Recovery Possible Above $155

September 30, 2021

Litecoin price is recovering losses from $140 against the US Dollar, similar to bitcoin. LTC price could continue higher if it clears $155 and $160.

Litecoin Price Analysis

This week, there was a major decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. LTC broke many supports near $160 to enter a bearish zone.

There was also a break below the $155 level and the 55 simple moving average (4-hours). It tested the $140 zone and it is now attempting an upside correction. The price is back above the $145 level. There was a break above a key bearish trend line with resistance near $148 on the 4-hours chart of the LTC/USD pair.

An immediate resistance is near the $152 level and the 55 simple moving average (4-hours). It is close to the 23.6% Fib retracement level of the main decline from the $195 swing high to $140 low.

The next key resistance could be $165. It is close to the 50% Fib retracement level of the main decline from the $195 swing high to $140 low. The main resistance could be near the $170 level. A close above the $165 and $170 levels could open the doors for a decent increase.

In the stated case, the price could rise towards the $195 resistance in the near term. On the downside, an immediate support is near the $145 level. If there is a downside break the $145 support level, the price could revisit $140. The next key support is near the $125 level.

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $160 and the 55 simple moving average (4-hours). Overall, the price must move above the $155 resistance to start a decent recovery in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is just above the 50 level.

Key Support Levels – $145 and $140

Key Resistance Levels – $155 and $165.

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