Litecoin price is moving higher and is placed above $138 support against the US Dollar. LTC/USD is likely to accelerate higher towards the $150 level.
Key Talking Points
Litecoin price is placed nicely in a bullish trend with supports at $138-140 (Data feed of Kraken) against the US Dollar.
Yesterday’s highlighted important bullish trend line with support at $138 is intact on the hourly chart of the LTC/USD pair.
The pair is likely to gain upside momentum above the $145 level to test the $150 handle.
Litecoin Price Forecast
There were further gains above the $135 level in litecoin price against the US dollar. The LTC/USD pair even traded above yesterday’s high at $140.05 and formed a new intraday high at $142.56.
It seems like the price is trading with a positive bias above the $135 pivot level, and it may continue to move higher. At the moment, the price is correcting lower from the $142.56 high, but it remains well supported on the downside.
An initial support is close to the 23.6% Fib retracement level of the last leg from the $131.97 low to $142.56 high. More importantly, yesterday’s highlighted important bullish trend line with support at $138 is intact on the hourly chart of the LTC/USD pair.
Therefore, it seems like the $138 level is a decent support for today’s trend. Should there be a downside break below $138, the price could test the 50% Fib retracement level of the last leg from the $131.97 low to $142.56 high at $137.27.
However, the most important support is near the $135 level, which was a resistance earlier. If the price extends the current correction, buyers are likely to appear near the $135 support zone.
On the flip side, if the trend line support near $138 protect the current decline, the price could bounce back. A break above the $142.56 high may perhaps open the doors for a test of $150.
To sum up, litecoin price remains in a positive trend above $138 and it could accelerate further higher.