Litecoin price recovered a few points and moved above $140 against the US Dollar. LTC/USD struggled to break the $150-155 resistance and is currently correcting lower.
Key Talking Points
- Litecoin price formed a support base above $130 and recovered higher (Data feed of Kraken) against the US Dollar.
- Yesterday’s highlighted crucial bearish trend line with resistance at $144 was breached on the hourly chart of the LTC/USD pair.
- The pair settled above the $140 level and the 100 hourly simple moving average, which is a positive sign.
Litecoin Price Forecast
There was a steady price action during the past three sessions in litecoin price above the $140 level against the US dollar. The LTC/USD pair formed a decent support at $135 and started an upside move.
Looking at the chart, the price clearly gained momentum and traded above the $145 resistance zone. The best part was a close above the $140 level and the 100 hourly simple moving average.
During the upside, yesterday’s highlighted crucial bearish trend line with resistance at $144 was breached on the hourly chart of the LTC/USD pair. It opened the doors for more gains and the price even broke the $150 level.
However, litecoin buyers could not gain momentum above $150. A high was formed at $153.18 before the price started a downside correction. It declined below the 38.2% Fib retracement level of the last wave from the $134.82 low to $153.18 high.
On the downside, there is a key support forming near the broken trend line, $142, and the 100 hourly SMA. An immediate support is at $144 and the 50% Fib retracement level of the last wave from the $134.82 low to $153.18 high.
Therefore, if the price corrects lower, it is likely to find support near $142 and $140. On the upside, a proper close above $150 is needed for further bullish strength.
Above the mentioned $150 resistance, the next hurdles for litecoin are at $155 and $156.
Trade safe traders and do not overtrade!