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!