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.
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.