Litecoin Price Analysis

Litecoin Price Analysis: Can LTC/USD Break $125?

Litecoin Price Analysis

Litecoin price is slowly gaining upside momentum above $115 against the US Dollar. LTC/USD has to move above the $125 resistance to rise further in the near term.

Key Talking Points

  • Litecoin price is trading nicely above the $115 level (Data feed of Kraken) against the US Dollar.
  • There is a key connecting bullish trend line forming with current support at $120 on the hourly chart of the LTC/USD pair.
  • The pair may continue to trade higher if it succeeds in breaking a major hurdle near the $125 level.

Litecoin Price Forecast

After a major decline towards $110, litecoin price started an upside correction against the US dollar. The LTC/USD pair traded higher and broke a key resistance level near $115.

During the upside move, the price broke the 50% Fib retracement level of the last decline from the $135 swing high to $109 low. It opened the doors for more gains and the price was able to move above the $120 resistance.

Litecoin Price Analysis

There was even a close above the $120 level and the 100 hourly simple moving average. However, the price is currently struggling to break a major resistance zone near $125. The stated $125 level acted as a barrier for buyers on many occasions, and a break above $125-130 won’t be easy.

On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $109.62 low to $125.50 high. Moreover, there is a key connecting bullish trend line forming with current support at $120 on the hourly chart of the LTC/USD pair.

A break below the trend line support at $120 may call for a downside move towards the 100 hourly SMA near $117. The mentioned $117 support also coincides with the 50% Fib retracement level of the last wave from the $109.62 low to $125.50 high.

The overall price action is positive above the $117 level. However, litecoin price must break the $125 level for more gains in the near term.

Trade safe traders and do not overtrade!

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
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