Litecoin price is moving back higher above $300 against the US Dollar. LTC/USD is following an uptrend and it might soon accelerate higher.
Key Talking Points
Litecoin price is gaining pace above $300 and remains well supported against the US Dollar.
There is a short-term rising channel forming with support at $308 on the hourly chart of LTC/USD.
The pair is currently above the $300 handle and the 100 hourly simple moving average, which is a positive sign.
Litecoin Price Forecast
Recently, we saw the start of a correction coupled with consolidation move from $348 in litecoin price against the US Dollar. The LTC/USD pair corrected lower, moved below the $300 support and traded below the 23.6% Fib retracement level of the last wave from the $128 low to $348 high.
However, the downside move was protected by the $250 support and the 100 hourly simple moving average. Sellers failed to push the price below $250 and later the price started correcting higher.
More importantly, there was no break or test of the 50% Fib retracement level of the last wave from the $128 low to $348 high. It seems like there is a short-term rising channel forming with support at $308 on the hourly chart of LTC/USD.
The pair is currently placed nicely above $300 and the 100 hourly SMA, which means the chances of more gains in the near term are very high.
Should the price break the channel resistance at $335, there can be a retest of the last high at $348. Above the mentioned $348, there can be further upsides toward the $275 level in the near term.
On the downside, the channel support at $308 and the 100 hourly SMA are crucial barriers for sellers. The price must stay above $300 to avoid a retest of the $250 support.
Technically, the hourly LTC/USD RSI is currently below the 50 level, but slowly showing positive signs. There can be a couple of swing moves above $300 before the pair makes the next move.