Litecoin price is slowly rising from the $130 support level against the US Dollar. LTC/USD must break the $142 resistance to challenge the $150 hurdle.
Key Talking Points
- Litecoin price is on the move and it recently traded above the $135 resistance (Data feed of Kraken) against the US Dollar.
- There is a major ascending channel forming with support near the $136 level on the hourly chart of the LTC/USD pair.
- The pair has to accelerate above the $142 resistance to gather upside momentum.
Litecoin Price Forecast
After a consistent decline, litecoin price found support near the $130 level against the US dollar. The LTC/USD pair formed a decent base around $130.00-130.50 before starting an upside recovery.
Looking at the chart, the price traded higher and moved above the $132 and $135 resistance levels. The upward move was convincing since there was a close above the $135 resistance and the 100 hourly simple moving average.
However, the upside move was capped by a key pivot level at $142. The same level was a support earlier, and now it is preventing further upsides towards $150. A high was formed at $141.11 and the price moved below the 23.6% Fib retracement level of the last wave from the $132.48 low to $141.11 high.
On the downside, there are many supports near the $136 and $135 levels. There is also a major ascending channel forming with support near the $136 level on the hourly chart of the LTC/USD pair.
The same trend line support is close to the 50% Fib retracement level of the last wave from the $132.48 low to $141.11 high at $136.80. Therefore, if the price continues to move down, it will most likely find support near $136.50, $136.00 and $135.00.
Should there be a break below $130, the price may well move back in a bearish zone and it could retest the $130 support. On the flip side, if litecoin price moves above $142, it might accelerate gains towards the $150 level.
The market data is provided by TradingView.