Litecoin price made a nice upside move and broke the $155 resistance against the US Dollar. LTC/USD is now placed in a bullish zone above the $156 level.
Key Talking Points
Litecoin price finally gained upside momentum and broke a major barrier at $155 (Data feed of Kraken) against the US Dollar.
There is a new bullish trend line forming with support at $157 on the hourly chart of the LTC/USD pair.
The pair is currently correcting lower, but downsides remain supported above $156.
Litecoin Price Forecast
Yesterday, we discussed that there could be more gains above $150 in litecoin price against the US dollar. The LTC/USD pair was able to move higher and it broke a major resistance zone near $155-$156.
Looking at the chart, the price gained momentum and traded above the $160 resistance level as well. It traded as high as $164.86 before starting a downside correction. It recently tested the 23.6% Fib retracement level of the last wave from the $142.83 low to $164.86 high.
However, there are many supports on the downside above the $155 level. There is also a new bullish trend line forming with support at $157 on the hourly chart of the LTC/USD pair.
Below the trend line support, the previous resistance levels at $155 and $156 are likely to act as strong supports. Further below $155, the 50% Fib retracement level of the last wave from the $142.83 low to $164.86 high is at $153.84.
Therefore, there are many supports on the downside starting with $157 and up to $154. As long as the price is above the $154 level, it may continue to move higher.
On the upside, a close above the $160 level may push the price back towards the $164.86 high. Further above the recent high, the price could accelerate towards the $170 level.
Overall, the current price action is positive and litecoin price remains in a bullish zone above the $155 support zone.