Litecoin price fell as low as $100 on April 11 but had support on the trendline and bounced back. With that, LTC managed to surpass $110 and finally reached $115 on April 18 before having to back down. Subsequently, the correction pushed Litecoin price all the way down to $105 where it once again had support from buyers. Litecoin then gave another attempt to surpass the trendline and managed to break through yesterday. However, it once again failed to defeat $115 and is currently trading at $110.
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Litecoin Price Action Analysis
Taking a look at the 4-hour chart, we see LTC inside a triangle pattern for a few weeks. Finally, Litecoin price managed to escape from the top but is now facing a key resistance level at $115.
Currently, LTC is having a pullback toward the top of the triangle and stabilizing above this level. In case the $110 support level on the SMA100 manages to support LTC, it could continue upward. In that case, the $115 will be the first resistance level followed by $120. In case of a successful breakthrough from this level, the $128 and $130 will be the next resistance levels for the price.
On the other hand, if Litecoin price fails to surpass $115 and subsequently loses the $110 support, we can expect further decline. For the bearish scenario, the $105 and $100 are key support levels for Litecoin.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for LTC is losing the upward momentum.
RSI: the 1-hour relative strength index is approximately 50.
Resistance levels: the first support level will be $115. Then the $120 and $125 will be next. Following that, the $128 and $130 will be next.
Support levels: the first support for LTC is around $110. Then the $105 to $100 zone and finally the $95 will be the next down the line.
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