Litecoin price is forming a short-term base at $140 against the US Dollar. LTC/USD is likely to trade higher and it could trade towards the $160-165 resistance.
Key Talking Points
- Litecoin price is slowly moving higher after forming a decent support base at $140 (Data feed of Kraken) against the US Dollar.
- There was a break above a connecting bearish trend line with resistance at $152 on the hourly chart of the LTC/USD pair.
- The pair is placed nicely for more gains today towards the $160 and $165 levels.
Litecoin Price Forecast
The past 2-3 sessions were mostly positive for litecoin price above the $120 pivot level against the US dollar. The LTC/USD pair formed a good support around the $138-140 levels and started an upside move above $145.
During the upside move, it broke the 23.6% Fib retracement level of the last decline from the $169.71 high to $140.91 low. It opened the doors for further gains and the price was able to move above the $150 level and the 100 hourly simple moving average.
More importantly, there was a break above a connecting bearish trend line with resistance at $152 on the hourly chart of the LTC/USD pair. The pair is now placed nicely above the $150 level and the 100 hourly SMA.
At the moment, the price is testing the 50% Fib retracement level of the last decline from the $169.71 high to $140.91 low. Once there is a proper close above the stated Fib level, the price could continue to move higher towards the $160 and $165 resistance levels.
Above the $165 level, litecoin price may even retest the last swing high of $169. On the downside, the 100 hourly SMA and the $150 level are decent supports.
Below $150, the next major support is around $140, which acted as a good buy zone on many occasions. The current price action is positive and it seems like LTC/USD may perhaps trade towards $165 or even $169.
Trade safe traders and do not overtrade!
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