Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Primed for Gains

Litecoin price gained traction and tested the $150 resistance against the US Dollar. LTC/USD remains in a solid uptrend and it could trade past $150.

Key Talking Points

  • Litecoin price made a nice upside move and traded to a new monthly high at $150.64 (Data feed of Kraken) against the US Dollar.
  • This week’s highlighted crucial bullish trend line with support at $145 is still in place on the hourly chart of the LTC/USD pair.
  • The pair is currently correcting lower, but it remains supported on the downside near $140-145.

Litecoin Price Forecast

Yesterday, we discussed about more gains above $140 in litecoin price against the US dollar. The LTC/USD pair remained in a bullish zone and broke the $140 and $145 resistance level.

It tested the $150 resistance level and formed a new monthly high at $150.64. Later, there was a downside correction and the price traded below the 23.6% Fib retracement level of the last wave from the $133.90 low to $150.64 high.

Litecoin Price Analysis LTC

However, the decline was protected by the $144-145 support zone. More importantly, this highlighted crucial bullish trend line with support at $145 is still in place on the hourly chart of the LTC/USD pair.

The pair tested the 38.2% Fib retracement level of the last wave from the $133.90 low to $150.64 high. The $144-145 support area played well, and as a result, the price resumed its upside.

At the moment, the price is trading near the $147 level, with an immediate resistance near the $150 level. Once there is a successful hourly close above the stated $150 resistance, LTC price will most likely accelerate higher towards the $155 level.

Above the mentioned $155 level, the $158-160 zone is likely to act as a sell area in the near term. On the flip side, the $145 support region is a very crucial for the current uptrend.

If there is a downside break and close below the $145 and $144 support levels, the price could test the $140 pivot level.

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: aayushjindal@ethereumworldnews.com
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