Litecoin price after a major decline found support above $135 against the US Dollar. LTC/USD is correcting higher sharply and is currently above $150.
Key Talking Points
- Litecoin price is moving higher nicely after dropping below the $140 level (Data feed of Kraken) against the US Dollar.
- There was a break above a major bearish trend line with resistance at $141 on the hourly chart of the LTC/USD pair.
- The pair has to break the $158 and $160 resistance levels to continue moving higher.
Litecoin Price Forecast
There were nasty declines this past week from well above $175 in litecoin price against the US dollar. The LTC/USD pair tumbled and traded below a few important support levels such as $160 and $150.
The downside move was aggressive as the price even traded below the $140 level. A low was formed near $137.05 from where the price started an upside correction. It moved higher and broke the 38.2% Fib retracement level of the last drop from the $172 high to $137 low.
More importantly, there was a break above a major bearish trend line with resistance at $141 on the hourly chart of the LTC/USD pair. The pair is now well above the $150 level is currently trading in a positive zone.
However, there is a crucial barrier for buyers near the $158 and $160 resistance levels. The 100 hourly simple moving average is also positioned around the $158 level.
On the positive side, the price has breached the 50% Fib retracement level of the last drop from the $172 high to $137 low. Therefore, there are chances of it breaking the $160 resistance levels for more gains in the near term.
Above the mentioned $160 level, the next stop could be the last swing high of $172. On the downside, the broken support near $150 may now act as a support. Below $150, the $140 level could act as a strong buy zone in the near term.
Trade safe traders and do not overtrade!
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Source: New feed