Litecoin price – Litecoin (LTC) price Analysis: Bulls Aim A Break Above $250 | Fintech Zoom

• Litecoin price started a fresh increase from the $200 support zone against the US Dollar.
• LTC price is now trading well above $220 support and the 55 simple moving average (4-hours).
• There is a crucial bullish trend line forming with support near $208 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
• The pair could dips a few points, but there are high chances of a break above the $250 resistance.

Litecoin price is trading in a positive zone above $200 against the US Dollar, similar to bitcoin. LTC price is likely to accelerate higher above $240 and $250 in the near term.

This week, there were bullish moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC corrected lower, but dips were limited below $200.

The last swing low was near $199 before the price started a fresh increase. There was a break above the $210 resistance levels. Moreover, there was a break above a key bearish trend line with resistance near $210 on the 4-hours chart of the LTC/USD pair.

It opened the doors for more gains above the $220 and $225 resistance levels. A new yearly high is formed near the $240 level. The price is now trading well above $220 support and the 55 simple moving average (4-hours).

An initial support is near the $230 level. It is close to the 23.6% Fib retracement level of the upward move from the $199 swing low to $240 high. The next major support is near the $220 level.

The 50% Fib retracement level of the upward move from the $199 swing low to $240 high is also near $220 to provide support. Besides, there is a crucial bullish trend line forming with support near $208 on the same chart.

On the upside, the $240 level is an immediate hurdle. The next key resistance is near the $250 level. A clear break above the $250 resistance will most likely pump the price towards $280 in the coming sessions.

Looking at the chart, litecoin price is clearly trading nicely above $220 and the 55 simple moving average (4-hours). Overall, the price could dips a few points, but there are high chances of a break above the $250 resistance.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently showing positive signs in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is still well above the 55 level.

Key Support Levels – $220 and $210.

Key Resistance Levels – $240 and $250.

Tags: litecoin, LTC