Litecoin Price Analysis: LTC/USD Remains Buy on Dips
Litecoin price traded further above $160 against the US Dollar. LTC/USD is currently correcting lower, but it remains buy on dips near $155.
Key Talking Points
Litecoin price surged higher and traded above the $160 and $162 levels (Data feed of Kraken) against the US Dollar.
There was a break above a major bearish trend line with resistance at $153 on the hourly chart of the LTC/USD pair.
The pair traded as high as $164.19 before it started a downside correction.
Litecoin Price Forecast
There were further gains in litecoin price above the $155 swing high against the US dollar. The LTC/USD pair traded higher and succeeded in clearing the $160 resistance level.
It even traded above the $162 level and posted a high at $164.19. During the upside move, there was a break above a major bearish trend line with resistance at $153 on the hourly chart of the LTC/USD pair.
Later, sellers appeared and the price started a downside correction from $164.19. It declined and traded below the 23.6% Fib retracement level of the last wave from the $149.24 low to $164.19 high.
However, there are many supports on the downside above the $155 level. An initial support is around $160 and the 38.2% Fib retracement level of the last wave from the $149.24 low to $164.19 high.
The most important support is at $155-156, which was a resistance earlier. Moreover, the $156 level is near the 50% Fib retracement level of the last wave from the $149.24 low to $164.19 high.
Therefore, as long as the price is above the $155 level, it remains supported on dips. On the upside, the price may soon retest the $164 level. A break above the $164 and $165 levels could clear the path for further gains toward $170.
Overall, the technical structure is very positive above $156, which means litecoin price is likely to accelerate further. Above $170, there are real chances of LTC retesting the $200 level.