Litecoin News

Litecoin Price Analysis: LTC/USD is Back in Uptrend

Litecoin Price Analysis

Litecoin price is making a nice upside move above $160 against the US Dollar. LTC/USD is now back in the bullish zone with supports near $165 and $162.

Key Talking Points

  • Litecoin price is showing a lot of positive signs since it is now above $162 (Data feed of Kraken) against the US Dollar.
  • There is major bullish trend line forming with support at $167 on the hourly chart of the LTC/USD pair.
  • The pair may correct a few points in the short term, but it remains supported above 162.00.

Litecoin Price Forecast

There were further gains from the $150 swing low in litecoin price against the US dollar. The LTC/USD pair succeeded in gaining upside momentum and it broke a crucial resistance area near $162-165.

The upside move was strong as the price traded as high as $175. The price is now trading well above the $160 level and the 100 hourly simple moving average. At the moment, the price is correcting lower from the $175 high.

Litecoin Price Analysis

It broke the 23.6% Fib retracement level of the last wave from the $155 low to $175 high. However, there is a major bullish trend line forming with support at $167 on the hourly chart of the LTC/USD pair.

The same trend line is positioned above the $165 support. Moreover, the 38.2% Fib retracement level of the last wave from the $155 low to $175 high is also near $167. Therefore, the $165-167 zone is a major support area for the current wave.

Below $165, the previous major resistance near $162 may perhaps act as a support. It is also the 50% Fib retracement level of the last wave from the $155 low to $175 high.

On the upside, the recent high of $175 is a short-term support. If the price continues to hold the $165 support, there are chances of it retesting $175. Above $175, the price may move towards the $190 resistance level.

The overall price structure for LTC price is bullish above $165.

Trade safe traders and do not overtrade!

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: aayushjindal@ethereumworldnews.com
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