Litecoin price is showing positive signs and moved above $115 against the US Dollar. LTC/USD seems to be back in the bullish zone and it could rise towards $130.
Key Talking Points
- Litecoin price formed a decent support base above $110 and moved higher (Data feed of Kraken) against the US Dollar.
- There is a short-term bullish trend line forming with support at $118 on the hourly chart of the LTC/USD pair.
- The pair may continue to rise and it could even test the $130 and $135 levels in the near term.
Litecoin Price Forecast
After a major decline, litecoin price found support near the $110 level against the US dollar. The LTC/USD pair formed a solid base, consolidated near the $110 level and started an upside move.
The price moved higher and broke a few important hurdles near the $115 level. It also moved above the 23.6% Fib retracement level of the last decline from the $135.92 high to $112.46 low.
The upside move is positive since there was a close above the $115 resistance and the 100 hourly simple moving average. At the moment, the price is struggling to clear the $121-122 resistance. Once there is a break above the $122 level, the price may test $125.
An intermediate important resistance is near the 50% Fib retracement level of the last decline from the $135.92 high to $112.46 low at $124.
On the downside, there is a short-term bullish trend line forming with support at $118 on the hourly chart of the LTC/USD pair. If the pair corrects lower from the current levels, it will most likely find support near the $118 level.
Moreover, the $116 support is also crucial since the 100 hourly SMA is positioned near it. On the upside, a push above the $124-125 zone may call for more gains toward the $130 and $135 levels.
Overall, the current price structure suggests a bullish bias above the $116 level in the near term.
Trade safe traders and do not overtrade!