Litecoin News

Litecoin Price Analysis: Can LTC/USD Continue Higher?

Litecoin price recovered above the $150 level recently against the US Dollar. LTC/USD is currently consolidating in a range below the $160 resistance.

Key Talking Points

  • Litecoin price made a nice upside move yesterday and traded above $150 (Data feed of Kraken) against the US Dollar.
  • There is currently a short-term contracting triangle forming with support at $155 on the hourly chart of the LTC/USD pair.
  • The pair may soon make the next move either above $160 or below $155 in the near term.

Litecoin Price Forecast

Yesterday, we saw a decent upside move above the $140 pivot level in litecoin price against the US dollar. The LTC/USD pair traded above the $150 resistance and even moved a few points above the $160 level.

A high was formed at $163.83 before the price started consolidating gains. It corrected a few points lower and traded below the 23.6% Fib retracement level of the last leg up from the $137 low to $163 high.

Litecoin Price Analysis LTC USD
However, the price is currently trading near a major support at $155 and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with support at $155 on the hourly chart of the LTC/USD pair.

Therefore, the triangle support at $155 and the 100 hourly SMA are important supports. A break below $155 could push the price towards the 50% Fib retracement level of the last leg up from the $137 low to $163 high.

The main support is near $150. As long as the price is above the $150 level, it remains in a positive zone. On the upside, the triangle resistance is at $160. A break above $160 would call for a test of the recent high at $163.

Finally, a push above $165 could clear the path for a run towards $180 in the near term. The overall price structure is positive with bullish signs above $150. Having said that, a break above $160 is needed to avoid further declines.

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 Reach Aayush via email: aayushjindal@ethereumworldnews.com
Sign up for our Newsletter