Litecoin price is now above the $250 level against the US Dollar. LTC/USD is slowly moving higher and is facing a major hurdle near $265.
Key Talking Points
Litecoin price is grinding higher and is currently trading above the $250 level (Data feed of Kraken) against the US Dollar.
There is a key connecting bullish trend line forming with support at $240 on the hourly chart of LTC/USD pair.
On the upside, the pair has to break the $265 resistance to continue toward $300.
Litecoin Price Forecast
There was a minor rise in Litecoin price above the $250 level against the US Dollar. The LTC/USD pair even traded above the $260 level, but it faced a strong selling interest near the $265 level (a previous support now acting as a resistance).
The pair traded as high as $265.45 recently and is currently correcting lower. It has already tested the 38.2% Fib retracement level of the last wave from the $223 low to $265 high.
There are many supports on the downside such as $250 and $240, which are likely to prevent declines in the short term. Moreover, there is a key connecting bullish trend line forming with support at $240 on the hourly chart of LTC/USD pair.
The trend line support is just around the 50% Fib retracement level of the last wave from the $223 low to $265 high. Therefore, the $240 level is likely to act as a strong support and buy zone for today.
A break below the trend line support at $240 could open the doors for more declines toward the 100 hourly simple moving average at $230.
On the upside, litecoin price has to move above the $265 resistance to gain momentum toward $300. The current price action is positive above $240, but buyers need to push the price above $265.
Above $265, LTC/USD will most likely test the next resistance at $285 followed by $300. The hourly RSI for LTC/USD is above 50, which is a positive sign.