Litecoin price remained well bid above the $132.00 and $134.00 support levels; LTC price is likely to break the $140.00 resistance and rally sharply similar to bitcoin.
Key Talking Points
- Litecoin price is slowly gaining momentum and is currently above the $135.00 support (Data feed of Kraken) against the US Dollar.
- There is a major bullish trend line forming with support at $135.40 on the hourly chart.
- LTC price is currently climbing higher and it could make an attempt to climb above the $140.00 barrier.
Litecoin Price Analysis (LTC)
Recently, there was a sharp increase in bitcoin and Ethereum, but Litecoin remained in a range against the US Dollar. The LTC/USD pair tested the $133.50 level recently and it is currently moving higher.
Looking at the chart, LTC price traded as low as $133.45 and it recently climbed above the $135.00 resistance. There was a close above the $135.00 resistance and the 100 hourly simple moving average.
It opened the doors for more gains above the 50% Fib retracement level of the last decline from the $139.74 high to $133.45 low. At the moment, the price is gaining pace above the $137.50 level, with a positive zone.
An immediate resistance is near the $138.25 level, which is near the 76.4% Fib retracement level of the last decline from the $139.74 high to $133.45 low.
If there is an upside break, the price could make an attempt to climb above the $140.00 barrier. A successful close above $140.00 is likely to set the pace for more gains above the $144.00 and $145.00 resistance levels.
On the downside, there are many supports near $136.00 and $135.00. There is also a major bullish trend line forming with support at $135.40 on the hourly chart.
Overall, litecoin price is showing positive signs above the $135.00 level. If bitcoin price continues to climb higher, there are chances of an upside break in LTC to USD above the $140.00 barrier. It could even help other altcoins such as EOS and ripple in the coming sessions.
The market data is provided by TradingView.