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Litecoin

Charted: Litecoin Approaching Breakout, Why LTC Could Rally If It Breaks $150

Litecoin value declined closely beneath $150, nevertheless it discovered assist close to $115 in opposition to the US Dollar. LTC is at the moment rising, however it’s more likely to face a powerful resistance close to $150.

  • Litecoin began a powerful decline beneath the $165 and $150 assist ranges in opposition to the US Dollar.
  • The value is rising from the $115 zone and it’s testing the 100 easy shifting common (4-hours).
  • Earlier, there was a break beneath a key ascending channel with assist at $165 on the 4-hours chart of the LTC/USD pair (knowledge feed from Kraken).
  • The value should clear the $150 resistance to maneuver again right into a constructive zone.

Litecoin Price Recovers above $140

Recently, we noticed a pointy decline in bitcoin, Ethereum, ripple and litecoin in opposition to the US Dollar. LTC value shaped a short-term high close to the $185 earlier than beginning the drop. It broke many necessary helps close to $165 to maneuver right into a bearish zone.

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There was additionally a break beneath a key ascending channel with assist at $165 on the 4-hours chart of the LTC/USD pair. Litecoin value even broke the $150 assist and the 100 easy shifting common (4-hours).

There was a spike beneath the $125 assist earlier than the bulls confirmed close to $115. A low is shaped close to the $113 degree and the value is at the moment rising. There was a break above the $125 and $130 ranges. The value recovered above the 23.6% Fib retracement degree of the downward transfer from the $186 excessive to $113 low.

Source: LTCUSD on TradingView.com

It is now approaching the $150 resistance degree and the 100 easy shifting common (4-hours). The 50% Fib retracement degree of the downward transfer from the $186 excessive to $113 low can be close to $150 to behave as a resistance.

If there’s a clear break above the $150 resistance, the value might begin a powerful enhance. In the acknowledged case, the value is more likely to proceed larger in direction of the $165 and $170 ranges.

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Fresh Dip in LTC?

If Litecoin value fails to clear the $150 resistance degree, there could possibly be one other pullback. An preliminary assist on the draw back is close to the $135 degree.

The first main assist is forming close to the $132 degree. Any additional losses might maybe ship the value in direction of the $124 assist within the coming classes.

Technical indicators:

4-hours MACD – The MACD is slowly shifting into the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is at the moment correcting larger in direction of 50.

Major Support Levels – $135 adopted by $124.

Major Resistance Levels – $150 and $165.

EditorialTeam

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