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.
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.