Litecoin price is trading in a small range above the $135 support against the US Dollar. LTC/USD may decline in the short term, but the trend is still positive.
Key Talking Points
Litecoin price is trading in a positive zone and is currently trading above the $135.00 support (Data feed of Kraken) against the US Dollar.
The LTC/USD pair is currently attempting a short-term downside break below a bullish trend line at $144.00 on the hourly chart.
The pair may decline a few points, but there are many supports on the downside such as $135.00 and $125.00.
Litecoin Price Forecast
There was no major upside move in litecoin price during the past two sessions above $150.00 against the US dollar. The LTC/USD pair mostly traded in a minor range and stayed above a major support area at $135.00.
After trading as high as $159.55, the pair started a downside correction. It declined towards $135.00 and tested the 38.2% Fib retracement level of the last upside leg from the $103.22 low to $159.55 high.
The pair tested the 100 hourly simple moving average and succeeded in staying above the $135.00 support. It bounced back, but it failed to move above the $150.00 resistance area.
There was a fresh downside wave and the pair is currently attempting a short-term downside break below a bullish trend line at $144.00 on the hourly chart. If the recent break is true, there is a chance that the pair may retest the $135.00 support and the 100 hourly SMA.
Litecoin price must stay above the $135.00 support else there is a risk of more declines may be towards the 61.8% Fib retracement level of the last upside leg from the $103.22 low to $159.55 high at $125.00.
On the upside, LTC/USD needs to clear a bearish trend line with current resistance at $146.00 on the same chart. However, buyers need to push the price above $150.00 and $155.00 for further gains in the near term.