Litecoin News

Litecoin Price Analysis: LTC/USD Recovers Sharply From $135

Litecoin Price Analysis

Litecoin price after a major decline found support above $135 against the US Dollar. LTC/USD is correcting higher sharply and is currently above $150.

Key Talking Points

  • Litecoin price is moving higher nicely after dropping below the $140 level (Data feed of Kraken) against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $141 on the hourly chart of the LTC/USD pair.
  • The pair has to break the $158 and $160 resistance levels to continue moving higher.

Litecoin Price Forecast

There were nasty declines this past week from well above $175 in litecoin price against the US dollar. The LTC/USD pair tumbled and traded below a few important support levels such as $160 and $150.

The downside move was aggressive as the price even traded below the $140 level. A low was formed near $137.05 from where the price started an upside correction. It moved higher and broke the 38.2% Fib retracement level of the last drop from the $172 high to $137 low.

Litecoin Price Analysis

More importantly, there was a break above a major bearish trend line with resistance at $141 on the hourly chart of the LTC/USD pair. The pair is now well above the $150 level is currently trading in a positive zone.

However, there is a crucial barrier for buyers near the $158 and $160 resistance levels. The 100 hourly simple moving average is also positioned around the $158 level.

On the positive side, the price has breached the 50% Fib retracement level of the last drop from the $172 high to $137 low. Therefore, there are chances of it breaking the $160 resistance levels for more gains in the near term.

Above the mentioned $160 level, the next stop could be the last swing high of $172. On the downside, the broken support near $150 may now act as a support. Below $150, the $140 level could act as a strong buy zone in the near term.

Trade safe traders and do not overtrade!

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
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