Litecoin price gained further and tested the $155 resistance against the US Dollar. LTC/USD is currently correcting lower, but it remains supported above $148.
Key Talking Points
- Litecoin price traded further higher and broke the $150 resistance (Data feed of Kraken) against the US Dollar.
- Buyers succeeded in breaking a crucial bearish trend line with resistance at $149.00 on the hourly chart of the LTC/USD pair.
- The pair tested the $155 resistance, which acted as a barrier and prevented gains.
Litecoin Price Forecast
There was an improvement in the market sentiment above $145.00 in litecoin price against the US dollar. The LTC/USD pair gained traction and it was able to move above the $148 and $150 resistance levels.
Looking at the chart, the price succeeded in settling above the $150 resistance and the 100 hourly simple moving average, which is a positive sign. Buyers pushed the price higher, but the $155-156 resistance once again came into the picture.
It acted as a barrier for further upsides and the price started a downside correction after trading as high as $154.87. It declined and moved below the 23.6% Fib retracement level of the last wave from the $143.61 low to $154.87 high.
On the downside, there are many support levels, such as $150 and $148. The broken trend line and the 100 hourly SMA are likely to prevent declines near $149.50. Moreover, the 50% Fib retracement level of the last wave from the $143.61 low to $154.87 high is at $149.24 to act as a support.
Therefore, there is a strong support forming around $150. If the price correct further, buyers are likely to defend losses around the $150 level. On the upside, a break above the $155-156 resistance zone is not at all easy.
Once buyers succeed, the next stop could the $165 level. Overall, the price is positioned nicely above the $150 level, but litecoin price may continue to trade in a range as long as it is below $155.
Trade safe traders and do not overtrade!
*The market data is provided by TradingView.
