Litecoin price remained elevated around the $122 resistance level against the US Dollar. LTC/USD remains buy on dips around the $118 and $120 levels.
Key Talking Points
- Litecoin price is trading in a range around the $122 level with minor bullish signs (Data feed of Kraken) against the US Dollar.
- There is a key contracting triangle forming with resistance around $124 on the hourly chart of the LTC/USD pair.
- The pair may decline in the short term towards the $118 and $119 level (buy zones).
Litecoin Price Forecast
There were mostly ranging moves above $116 with a slight bullish angle in litecoin price against the US dollar. The LTC/USD pair might correct a few points, but it remains buy on dips near $118 in the near term.
Looking at the chart, the price is slowly moving in a bullish zone above $120. However, there is a crucial barrier near $122, and the price seems to be struggling for a proper close above the stated level.
Moreover, the price is facing hurdles in a 2-hour close above the 50% Fib retracement level of the last drop from the $128 swing high to $116 swing low. At the moment, the price is placed comfortably above the $120 level and the 100 hourly simple moving average.
In the short term, there is a key contracting triangle forming with resistance around $124 on the hourly chart of the LTC/USD pair. The triangle resistance is near the 61.8% Fib retracement level of the last drop from the $128 swing high to $116 swing low.
Therefore, a break and close above the $123.50 level and the $124.00 hurdle could open the doors for more gains. Above $124.00, the next resistance is near the last swing high at $128.00.
If the price corrects lower from the current levels, the triangle support at $120 may act as a buy zone. Moreover, the 100 hourly simple moving average is an immediate support near $121.5.
Overall, dips remain supported as long as the price is above $120.
The market data is provided by TradingView.
