Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bulls Preparing For Next Bullish Wave

Litecoin price remained well bid above the $120.00 and $125.00 support levels. LTC is currently trading with a positive angle and seems to be preparing for the next bullish break.

Key Talking Points

  • Litecoin price found support near the $126.00 level and climbed back up (Data feed of Kraken) against the US Dollar.
  • There is a major breakout pattern forming with resistance near $137.40 on the 4-hours chart.
  • LTC price is currently consolidating and seems to be preparing for the next break above $140.00.

Litecoin Price Analysis (LTC)

Recently, there were solid gains in bitcoin, Ethereum, ripple, and EOS, but Litecoin consolidated against the US Dollar. The LTC/USD pair corrected lower earlier, but it remained well bid above the $120.00 support zone.

Litecoin Price Analysis (LTC) Chart

Looking at the chart, LTC price traded as low as $126.15 and remained well above the 100 simple moving average (4-hours). It started a steady rise and climbed above the $130.00 resistance.

There was a break above the $135.00 level and the 50% Fib retracement level of the last decline from the $144.23 high to $126.15 swing low. However, the upward move was capped by the $140.00 resistance zone.

The price was rejected near the 76.4% Fib retracement level of the last decline from the $144.23 high to $126.15 swing low. At the moment, the price is consolidating below the $140.00 level.

Moreover, there is a major breakout pattern forming with resistance near $137.40 on the 4-hours chart. If there is an upside break, the price is likely to surge above the $140.00 and $144.00 levels.

The next key resistance is near the $150.00 level for the bulls. Conversely, if there is a downside break below the $130.00 support, the price could retest the $126.15 swing low.

The main support for Litecoin price is near the $120.00 level, which is likely to act as a strong buy zone. As long as the price is above $120.00, it remains supported for more gains. On the upside, the main hurdle is near $150.00, above which $165.00 might be easy for LTC bulls in the near term.

The market data is provided by TradingView.

Aayush Jindal
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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