Litecoin price formed a bottom around the $103.00 level against the US Dollar. LTC/USD jumped sharply and moved above the $140.00 resistance area.
Key Talking Points
Litecoin price formed a major bottom around the $103.00 low (Data feed of Kraken) against the US Dollar.
There was a break above yesterday’s highlighted descending channel with resistance at $110.00 on the hourly chart of LTC/USD pair.
The pair traded above the $130.00 and $140.00 resistance levels to post more than 25% gains.
Litecoin Price Forecast
There was no further declines in litecoin price below yesterday’s low of $103.34 against the US dollar. The LTC/USD pair did not break the $100.00 level and started moving higher.
It seems like a major bottom was formed around the $103.00 level. The pair surged higher and moved above the 50% Fib retracement level of the last major drop from the $174.58 high to $103.34 low, which opened the doors for more gains.
More importantly, there was a break above yesterday’s highlighted descending channel with resistance at $110.00 on the hourly chart of LTC/USD pair. The pair traded above the $140.00 level and even broke the 100 hourly simple moving average.
At the moment, the price is struggling to break the 61.8% Fib retracement level of the last major drop from the $174.58 high to $103.34 low. However, there are high chances that LTC buyers would succeed in breaking the $148-150 resistance area.
Above $150.00, the price could push further higher and it may test the $165 resistance. The mentioned $165 level is a crucial resistance since it was a major support earlier.
If the pair corrects lower from the current levels, it might find support near the $132 and $130 levels. Below the stated $130 support, the price could retest the $120 support.
Overall, it seems like litecoin price has formed a decent bottom at $103.00. Going forward, as long as the price is above the $120.00 level, it will most likely continue to move higher.