Litecoin Price Analysis: LTC/USD to Climb above $250
Litecoin price surged higher and broke the $200 handle against the US Dollar. LTC/USD is all bullish and may soon break $250.
Key Talking Points
Litecoin price pumped higher and broke the $200 level for a new all-time high at $250 against the US Dollar.
There is a connecting bullish trend line forming with support at $220 on the hourly chart of LTC/USD.
The pair remains poised for more gains above the $250 level in the near term.
Litecoin Price Forecast
There was a sharp upside move in litecoin price above yesterday’s resistance of $170 against the US Dollar. The LTC/USD pair gained heavy bids and it was able to move above the $200 handle as well.
The upside move was very sharp and the pair traded to a new all-time high around $250 (data feed by Kraken). The current price action is very bullish above $200 and it seems like the pair might continue to move higher in the near term.
A minor correction was initiated from the $250.04 high and the price moved below the 23.6% Fib retracement level of the last wave from the $180 low to $250 high. However, the downside move was limited by the $225-220 support area.
The 38.2% Fib retracement level of the last wave from the $180 low to $250 high acted as a perfect support zone. Moreover, there is a connecting bullish trend line forming with support at $220 on the hourly chart of LTC/USD.
The pair is once again moving higher and is currently trading near $238-240. A break above a short-term connecting bearish trend line on the same chart at $240 is needed for a spike towards $250.
In the mentioned scenario, there are chances of litecoin price moving above the $250 level for more upsides. The next major resistance is at $280 followed by the $300 handle.
Overall, the current momentum is super bullish and the possibilities are high of LTC moving above $250 today or tomorrow.