Litecoin price recovered above the $150 level recently against the US Dollar. LTC/USD is currently consolidating in a range below the $160 resistance.
Key Talking Points
· Litecoin price made a nice upside move yesterday and traded above $150 (Data feed of Kraken) against the US Dollar.
· There is currently a short-term contracting triangle forming with support at $155 on the hourly chart of the LTC/USD pair.
· The pair may soon make the next move either above $160 or below $155 in the near term.
Litecoin Price Forecast
Yesterday, we saw a decent upside move above the $140 pivot level in litecoin price against the US dollar. The LTC/USD pair traded above the $150 resistance and even moved a few points above the $160 level.
A high was formed at $163.83 before the price started consolidating gains. It corrected a few points lower and traded below the 23.6% Fib retracement level of the last leg up from the $137 low to $163 high.
However, the price is currently trading near a major support at $155 and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with support at $155 on the hourly chart of the LTC/USD pair.
Therefore, the triangle support at $155 and the 100 hourly SMA are important supports. A break below $155 could push the price towards the 50% Fib retracement level of the last leg up from the $137 low to $163 high.
The main support is near $150. As long as the price is above the $150 level, it remains in a positive zone. On the upside, the triangle resistance is at $160. A break above $160 would call for a test of the recent high at $163.
Finally, a push above $165 could clear the path for a run towards $180 in the near term. The overall price structure is positive with bullish signs above $150. Having said that, a break above $160 is needed to avoid further declines.
Trade safe traders and do not overtrade!
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