Litecoin Price Analysis: LTC/USD To Gain Post TenX Addition?
Litecoin price is trading above the $115 level against the US Dollar. LTC/USD may perhaps gain upside momentum if succeeds in clearing the $120.00 resistance.
Key Talking Points
Litecoin price traded higher recently and moved above the $115 resistance (Data feed of Kraken) against the US Dollar.
There is a major contracting triangle forming with resistance at $119.00 on the hourly chart of the LTC/USD pair.
The pair may rise in the short term as long as the broken resistance now support at $115 is intact.
Litecoin Price Forecast
There was a decent upside move in litecoin price from the $111.62 low against the US dollar. The LTC/USD pair moved higher and it was successful in breaking the $115.00 resistance.
TenX recently added litecoin cryptocurrency to their wallets and the company may also launch a Litecoin debit card. It sparked buying interest and LTC moved past the $118.00 level. During the upside, there was a break above the 50% Fib retracement level of the last decline from the $122.85 high to $111.62 low.
However, the upside move was capped by the $120.00 resistance zone. A high was formed at $119.79 from where the price corrected lower. It declined below the 23.6% Fib retracement level of the last wave from the $111.62 low to $119.79 high.
At the moment, the price is testing a major support near the $115.00 level and the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last wave from the $111.62 low to $119.79 high is also around $114.50.
It seems like there is a major contracting triangle forming with resistance at $119.00 on the hourly chart of the LTC/USD pair. The pair is forming a breakout pattern with resistance around $120.00 and support near $115.00.
A break below $115.00 could push the price back towards the $110.00 support. On the flip side, an upside move above the $120.00 level may perhaps call for further gains toward the $125.00 level.