Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bulls Eyeing Crucial Upside Break

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.

Litecoin Price Analysis (LTC) Chart

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.

About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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