Litecoin price is gaining momentum above $350 against the US Dollar. LTC/USD might continue to move higher toward $400.00 in the near term.
Key Talking Points
Litecoin price resumed its uptrend and moved to a new all-time high at $368.44 (Data feed of Kraken) against the US Dollar.
There is a major bullish trend line forming with support at $325 on the hourly chart of LTC/USD.
The pair might correct a few points in the near term towards $340.00 before moving back higher.
Litecoin Price Forecast
Yesterday, we saw how litecoin price started grinding higher from the $290 swing low against the US Dollar. The LTC/USD pair popped higher and was able to move above the $300.00 and $350.00 resistance levels.
A new all-time high was formed at $368.44 from where the pair started a minor downside correction. It seems like the price is now placed well in the bullish zone with an initial support around the 23.6% Fib retracement level of the last wave from the $288 low to $268 high.
There is also a major bullish trend line forming with support at $325 on the hourly chart of LTC/USD. The trend line support is around the 50% Fib retracement level of the last wave from the $288 low to $268 high.
Therefore, the $330-340 support zone is very important. Any major correction towards $330 is likely to find support on the downside. Below the trend line support, the 100 hourly simple moving average is positioned at $310 to act as a strong buy zone.
On the upside, the recent high at $368 is an initial resistance. Once the pair succeeds in breaking the $368 resistance, it could easily drift towards the $400 handle in the near term.
The current price action is positive above $350, but we cannot discard a minor pullback before litecoin price moves back higher. The hourly LTC/USD RSI is currently moving lower from 65, but there is no real downside momentum.