Litecoin News

Litecoin Price Analysis: Can LTC/USD Surpass $175?

Litecoin price is holding a major support at $160-162 against the US Dollar. LTC/USD must break the $175 resistance for further gains in the near term.

Key Talking Points

  • Litecoin price has settled above the $160 pivot for more gains (Data feed of Kraken) against the US Dollar.
  • There is key connecting bullish trend line forming with support at $168 on the hourly chart of the LTC/USD pair.
  • The pair has to move above the $175 resistance level to avoid a downside reaction.

Litecoin Price Forecast

The past few sessions were mostly quiet, but litecoin price succeeded in holding the $160-162 support against the US dollar. The LTC/USD pair made an upside break attempt, but it faced a strong resistance near $175.

There were 2-3 attempts to surpass the stated $175 resistance. However, the price failed to move higher and traded below $170. There was a break below the 23.6% Fib retracement level of the last upside wave from the $155 low to $174 swing high.

Litecoin Price Analysis

However, the downside move was protected by the $165 level, which is a decent short-term support. Moreover, the 50% Fib retracement level of the last upside wave from the $155 low to $174 swing high also acted as a buy zone.

At the moment, there is a key connecting bullish trend line forming with support at $168 on the hourly chart of the LTC/USD pair. The pair is following the trend line and it could make another attempt to break the $175 resistance.

Once there is a break and close above $175, there could be more gains toward $190. However, the price must stay above the trend line support at $168. Below $168, the price may retest the last swing low at $165.

The most important support on the downside remains at $160-162. As long as the price is above $160, it is in a positive zone for more gains. The hourly RSI is slowly rising, which means LTC/USD could test or even break $175 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 Reach Aayush via email: aayushjindal@ethereumworldnews.com
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