Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Zooms Above Key Resistance

Litecoin Price Analysis

Litecoin price surged higher and broke the $120 resistance against the US Dollar. LTC/USD is now back in a bullish trend above the $122 pivot level.

Key Talking Points

  • Litecoin price gained bullish traction recently and moved above the $120 resistance (Data feed of Kraken) against the US Dollar.
  • There is a key breakout pattern forming with resistance at $135 on the hourly chart of the LTC/USD pair.
  • The pair may continue to move higher as long as it is above the $122 pivot level.

Litecoin Price Forecast

The past few sessions were very positive as most cryptos such as bitcoin, Ethereum, ripple and litecoin moved sharply higher. There was a sharp rise in litecoin price above a significant hurdle at $120 against the US dollar. The LTC/USD pair broke a few important barriers such as $115, $120 and $122 to set the pace for more gains.

It even traded above the $130 level and formed a high near $132.80. Later, a short-term correction was initiated and the price traded a few points lower from $130-132.

Litecoin Price Analysis

There is a decent support forming near the 23.6% Fib retracement level of the last wave from the $119 low to $132 high. At the moment, there is a key breakout pattern forming with resistance at $135 on the hourly chart of the LTC/USD pair.

The pair is on the move to the upside towards $132. It will most likely break the $132 and $135 resistance levels to gather bullish momentum. The next hurdle on the upside could be at $140 and $150.

Should there be a downside correction below $128, the price may perhaps test the 50% Fib retracement level of the last wave from the $119 low to $132 high at $125.96. Any further losses would push the price back towards the all-important $120-122 support zone.

Overall, litecoin price is back in a bullish zone and LTC/USD may continue to rise towards the $140 level in the near term.

Trade safe traders and do not overtrade!

*The market data is provided by TradingView.

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: [email protected]
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