Litecoin price formed a decent support around $150 and recovered against the US Dollar. LTC/USD has to move above the $165 and $170 level to recover further.
Key Talking Points
- Litecoin price is showing a few positive signs after forming a support at $150 (Data feed of Kraken) against the US Dollar.
- There is a key bearish trend line forming with resistance at $165 on the hourly chart of the LTC/USD pair.
- The pair can gain upside momentum if buyers succeed in pushing the price above $165 and $170.
Litecoin Price Forecast
We saw a major downside move yesterday below the $170 support in litecoin price against the US dollar. The LTC/USD pair declined sharply and even traded below the $160 support.
A low was formed at $149.96 before a recovery was initiated. It seems like the price is forming a decent base above $150 as it has moved above the 50% Fib retracement level of the last downside move from the $177 high to $150 swing low.
However, the upside move was protected by the $165 zone, which was a support earlier. Moreover, there is a key bearish trend line forming with resistance at $165 on the hourly chart of the LTC/USD pair.
The pair also struggled to move above the 61.8% Fib retracement level of the last downside move from the $177 high to $150 swing low. It is currently consolidating below $165 and the trend line.
If the price succeeds in moving above the trend line and $165, the next hurdle is near $170. The mentioned $170 level is a key pivot zone and also coincides with the 100 hourly simple moving average.
A proper close above the $170 level and the 100 hourly SMA could open the doors for a substantial recovery in the near term.
On the flip side, if litecoin price fails to move above the $165 and $170 levels, there could be a downside reaction back towards the $150 support zone.
Trade safe traders and do not overtrade!