Litecoin Price Analysis: LTC/USD Holding Uptrend Support
Litecoin price managed to stay above the $200 support against the US Dollar. LTC/USD must break the $225 resistance to gain upside momentum.
Key Talking Points
Litecoin price found a strong buying interest above the $200 support (Data feed of Kraken) against the US Dollar.
There is a key bullish trend line forming with support at $215 on the hourly chart of the LTC/USD pair.
The pair has to break the $225 and $236 resistance level to start a fresh upside wave.
Litecoin Price Forecast
Yesterday, we saw a major downside reaction in litecoin price from the $260 resistance against the US dollar. The LTC/USD pair traded below the $240 and $225 support levels, but it was able to stay above the $200 support and the 100 hourly simple moving average.
A low as formed near $211 and the price started a minor upside wave. The best part is the fact that the price stayed above the $200 support and the 100 hourly SMA. It is currently testing the 23.6% Fib retracement level of the last wave from the $261 high to $211 low.
On the downside, there is a key bullish trend line forming with support at $215 on the hourly chart of the LTC/USD pair. As long as the pair is following the trend line support, $210 pivot and the 100 hourly SMA, it remains in an uptrend.
On the upside, an initial resistance is at $225. A push above the $225 resistance may open the doors for more gains in the near term. The next resistance is at the 50% Fib retracement level of the last wave from the $261 high to $211 low.
Above the $236 resistance, there is no major resistance up to $255 and $260. The overall price action is positive above the $210 level.
If litecoin price succeeds in moving above $225 during the next few hours, there can be more bullish action in the short term towards $236 and $250.