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Litecoin Price Analysis: LTC/USD To Resume Uptrend? - Ethereum World News
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Litecoin Price Analysis: LTC/USD To Resume Uptrend?

Litecoin Price Analysis: LTC/USD To Resume Uptrend?

Litecoin price is trading nicely above the $140.00 level against the US Dollar. LTC/USD may soon resume its uptrend and it could break the $160 resistance in the near term.

Key Talking Points

  • Litecoin price started a nice upside move and settled above the $140.00 level (Data feed of Kraken) against the US Dollar.
  • The LTC/USD pair is currently attempting a close above a short-term contracting triangle with resistance at $145.00 on the hourly chart.
  • The pair is likely to move further higher towards the $160.00 and $165.00 resistance levels.

Litecoin Price Forecast

There was a decent upside move yesterday in litecoin price above the $120.00 level against the US dollar. The LTC/USD pair moved above the $140.00 and $150.00 resistance levels, and traded close to $160.00.

The pair traded as high as $159.43 and it later started a downside correction. It traded below the 23.6% Fib retracement level of the last wave from the $102.96 low to $159.43 high.

However, the downside move was protected by the $135-140 support area and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last wave from the $102.96 low to $159.43 high also acted as a support.

The pair started a fresh upside move and it is currently attempting a close above a short-term contracting triangle with resistance at $145.00 on the hourly chart. Once it succeeds, it could gain upside momentum towards the $160.00 resistance.

Above $160.00, the next major hurdle for buyers is around the $165 level. The stated $165 level is a crucial pivot level and a break above it won’t be easy in the near term.

If buyers succeed in pushing the price above the $165 level, there could a sharp rally towards the $200 handle.

On the downside, the $140 and $135 levels are decent support. As long as LTC/USD is above the $135 support and the 100 hourly SMA, it remains in an uptrend for a move towards $160-165.

Trade safe traders and do not overtrade!

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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