📈 Litecoin Price Analysis: LTC Recovers Sharply From $135

📈 Litecoin Price Analysis: LTC Recovers Sharply From $135

Litecoin price after a major decline found support above $135 against the US Dollar. LTC/USD is correcting higher sharply and is currently above $150.

Key talking points

  • Litecoin price is moving higher nicely after dropping below the $140 level (Data feed of Kraken) against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $141 on the hourly chart of the LTC/USD pair.
  • The pair has to break the $158 and $160 resistance levels to continue moving higher.

Litecoin Price Analysis

Litecoin price forecast

There were nasty declines this past week from well above $175 in litecoin price against the US dollar. The LTC/USD pair tumbled and traded below a few important support levels such as $160 and $150.

The downside move was aggressive as the price even traded below the $140 level. A low was formed near $137.05 from where the price started an upside correction. It moved higher and broke the 38.2% Fib retracement level of the last drop from the $172 high to $137 low.

More importantly, there was a break above a major bearish trend line with resistance at $141 on the hourly chart of the LTC/USD pair. The pair is now well above the $150 level is currently trading in a positive zone.

However, there is a crucial barrier for buyers near the $158 and $160 resistance levels. The 100 hourly simple moving average is also positioned around the $158 level.

Litecoin Price Analysis

On the positive side, the price has breached the 50% Fib retracement level of the last drop from the $172 high to $137 low. Therefore, there are chances of it breaking the $160 resistance levels for more gains in the near term.

Above the mentioned $160 level, the next stop could be the last swing high of $172. On the downside, the broken support near $150 may now act as a support. Below $150, the $140 level could act as a strong buy zone in the near term.

Trade safe traders and do not overtrade!

The post Litecoin Price Analysis: LTC/USD Recovers Sharply From $135 appeared first on Ethereum World News.

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