Litecoin price gained bullish momentum towards $140 against the US Dollar. LTC/USD is currently performing better and is trading above $135.
Key Talking Points
- Litecoin price extended gains recently and tested the $140 resistance level (Data feed of Kraken) against the US Dollar.
- There is a key bullish trend line forming with support near the $134 level on the hourly chart of the LTC/USD pair.
- The pair may continue to move higher but it won’t be easy for it to break the $140 resistance.
Litecoin Price Forecast
Yesterday, we discussed about litecoin price gaining bullish momentum above $135 against the US dollar. The LTC/USD pair traded further higher and tested the $140 level recently.
The upside move was decent and it seems like LTC performed better than Bitcoin during the past few sessions. The price traded as high as $140.05 before it started a downside correction.
It declined and traded below the 23.6% Fib retracement level of the last wave from the $124.95 low to $140.05 high. However, the downside move was protected by the $132.00 level. Moreover, a key bullish trend line with support near the $134 level on the hourly chart of the LTC/USD pair also acted as support.
The pair held the 50% Fib retracement level of the last wave from the $124.95 low to $140.05 high, which is a positive sign. It bounced back and is currently above the $135 level and the 100 hourly simple moving average.
As long as the price is above the $134-135 levels, it remains in a bullish trend. Should there be a downside break below $134, the price may correct lower towards the $130 level.
On the upside, the price is facing an initial resistance near the $140 level. Once LTC buyers succeed in pushing the price above the $140.05 level, there could be further gains. The next resistance is around the $150 level, which is a crucial barrier.
Overall, litecoin price is in a bullish trend and is eyeing more gains above the $140 level.
Trade safe traders and do not overtrade!
*The market data is provided by TradingView.
