Crypto AnalysisLitecoin Price Analysis

Litecoin Price Analysis: LTC/USD Gaining Bullish Momentum

Litecoin Price Analysis LTC USD

Litecoin price is trading higher and broke the $135 resistance against the US Dollar. LTC/USD is gaining bullish momentum and it is heading towards the $140 level.

Key Talking Points

  • Litecoin price started a fresh upside wave and broke the last high at $135 (Data feed of Kraken) against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $130 on the hourly chart of the LTC/USD pair.
  • The pair is likely to accelerate higher towards the $140 and $145 resistance levels.

Litecoin Price Forecast

There was a major bottom formed at $125 in litecoin price against the US dollar. The LTC/USD pair started a fresh upside wave and traded above the $130 and $132 resistance levels.

It opened the doors for more gains and the price moved above the $135 high. More importantly, there was a break above a key bearish trend line with resistance at $130 on the hourly chart of the LTC/USD pair.

Litecoin Price Analysis LTC USD

The price is now trading well above the $130 level and the 100 hourly simple moving average. It is gaining pace above the 1.236 fib extension of the last decline from the $134.80 high to $125.29 low.

It seems like the price may continue to move higher towards the $140 and $150 levels. A crucial barrier for buyers is near $140 since it is the 1.618 fib extension of the last decline from the $134.80 high to $125.29 low.

If the price corrects lower from the current levels, it may find support near the broken resistance at $135. Moreover, the $130 level is a strong support, followed by the 100 hourly SMA.

In the short term, the price is likely to accelerate higher above $135, and downsides could be limited. The technical structure is positive and suggests that the recent upside break above $135 was important.

In the medium term, it seems like a decent support base is forming above the $120 level in litecoin price.

Trade safe traders and do not overtrade!

*The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]
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