Litecoin Price Analysis

Litecoin Price Analysis: Can LTC/USD Break This?

Litecoin Price Analysis LTC USD

Litecoin price started a fresh upside move from the $116 support against the US Dollar. LTC/USD must break the $122 resistance to move back in a bullish zone.

Key Talking Points

  • Litecoin price has recovered nicely from the $116 support level (Data feed of Kraken) against the US Dollar.
  • There is a bearish trend line in place with resistance near $122 on the hourly chart of the LTC/USD pair.
  • The pair has to move above the $122 resistance and the 100 hourly simple moving average for more gains.

Litecoin Price Forecast

Yesterday, we saw a downside move in litecoin price below the $120 level against the US dollar. The LTC/USD pair traded towards the $115-116 support area where buyers appeared.

Looking at the chart, the price found strong bids near the $116 level and it formed a base for an upside move. A fresh upward wave was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $127.88 high to $116.04 low.

Litecoin Price Analysis LTC USD

It also moved above the $120 level, but buyers faced a strong resistance near $122. The stated $122 level was a support earlier and is now acting as a resistance.

The 50% Fib retracement level of the last decline from the $127.88 high to $116.04 low is also close to the $123 level. More importantly, the 100 hourly simple moving average is placed around $121.80-122.00.

Therefore, the $122 barrier seems to be a key hurdle for more gains in litecoin. Buyers must break the $122 resistance and the 100 hourly SMA to push the price back in a bullish zone. Above this, the price could move back towards the $127 level in the near term.

On the flip side, if there is a downside correction, an initial support is at $120. A break below $120 may perhaps push the price back towards the last swing low of $116.00.

Overall, the price action is positive as long as the price is above $116, with chances of an upside break above $122.

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: [email protected]