Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Bottomed Near $110?

Litecoin price formed a solid support near $110 and recovered against the US Dollar. LTC/USD broke the $116 resistance and is currently trading in a positive zone.

Key Talking Points

  • Litecoin price formed a key bottom near $110 and surged higher (Data feed of Kraken) against the US Dollar.
  • There was a break above two important bearish trend lines with resistance near $114 and $118 on the hourly chart of the LTC/USD pair.
  • The pair is currently trading near the $120 level and it could continue to move higher.

Litecoin Price Forecast

This week, we were looking for a test of the $100 handle in litecoin price against the US dollar. The LTC/USD pair did not test the $100 level and it seems like a solid support base was formed near the $110 level.

Looking at the chart, the price traded as low as $109.44 and started an upside move. It broke the 50% Fib retracement level of the last drop from the $122.10 high to $109.44 low, which opened the doors for more gains.

Litecoin Price Analysis LTC USD

During the upside move, there was a break above a crucial hurdle near $115 and $116. Additionally, there was a break above two important bearish trend lines with resistance near $114 and $118 on the hourly chart of the LTC/USD pair.

It indicates that the price recent bounce from the $110 zone is real and there could be more gains in the near term. The pair traded as high as $122.76 and it is currently consolidating gains.

On the downside, an initial support is near the 23.6% Fib retracement level of the last wave from the $109.44 low to 122.76 high. However, the most important support is near the $116 level and the 100 hourly simple moving average.

Moreover, the previous hurdle at $115 may well act as a support if the price moves down from the current levels. On the upside, an immediate resistance is at $122.50, above which the price may perhaps trade towards $130.

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: aayushjindal@ethereumworldnews.com
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