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.
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.
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.