Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD to Recover Short-term?

Litecoin price formed a decent support above $105 against the US Dollar. LTC/USD is currently recovering and it may continue to move higher towards $130.

Key Talking Points

  • Litecoin price finally some decent support around the $108-110 support (Data feed of Kraken) against the US Dollar.
  • There was a break above a major bearish trend line with resistance near $115 on the hourly chart of the LTC/USD pair.
  • The pair is likely to extend the current correction towards the $128 and $130 levels.

Litecoin Price Forecast

There were a few swing moves in litecoin price above the $110 level against the US dollar. The LTC/USD pair formed a decent support near $110 and started an upward correction.

The pair traded above the $112 level and broke the 23.6% Fib retracement level of the last downside wave from the $140 swing high to $109 low. More importantly, there was a break above a major bearish trend line with resistance near $115 on the hourly chart of the LTC/USD pair.

Litecoin Price Analysis

The pair is now placed nicely above the $115 level and it also cleared the 100 hourly simple moving average. It seems like the price may gain traction and it could even move above the $120 level.

The next major upside hurdle could be around the 61.8% Fib retracement level of the last downside wave from the $140 swing high to $109 low. A break and close above the $128 and $130 levels could accelerate gains.

Above $130, the price may attempt a move towards the all-important $150 level. On the flip side, if the price fails to move past $130, it may start a fresh downside wave.

In the mentioned case, the last swing low near $110 may be tested. Below $110, the most important support could be around the $100 level.

The overall technical structure is short-term positive and bullish, and there are chances of litecoin price moving further higher towards the $125 and $130 levels.

Trade safe traders and do not overtrade!

Aayush Jindal
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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