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Litecoin Price Analysis: LTC/USD Surges above $150; More Gains Likely

Litecoin price broke the $104 resistance to surge above $150 against the US Dollar. LTC/USD is super bullish and is eyeing more upsides.

Key Talking Points

  • Litecoin price rocketed higher during the weekend once it broke the $104 resistance against the US Dollar.
  • There was recently a break above a contracting triangle with resistance at $152 on the hourly chart of LTC/USD.
  • The pair might correct a few points in the near term, but it remains supported above $150 and $140.

Litecoin Price Forecast

There were heavy gains during the past three days in litecoin price above $100 against the US Dollar. The LTC/USD pair was able to break the $104.00 resistance (as highlighted in the previous post), which opened the doors for more gains.

The upside move was very strong since the price was able to move higher by more than $50 and traded as high as $168. Later, a downside correction was initiated towards $125-130.

Litecoin Price ChartCryptocurrency charts and prices provided by TradingView

The pair recently corrected towards $125, found buyers and started a fresh upside move. During the upside move, there was a break above a contracting triangle with resistance at $152 on the hourly chart of LTC/USD.

The pair traded as high as $164.96 and is currently correcting lower. An initial support is around the 23.6% Fib retracement level of the last wave up from the $125.80 low to $164.96 high.

However, the most important support is near the triangle lower trend line at $140. The 50% Fib retracement level of the last wave up from the $125.80 low to $164.96 high is also at $145 to act as a support.

Therefore, the $140-150 support zone is a major buy area. Should the price dips from the current levels, buyers will most likely protect declines below $140.

On the upside, the $165 resistance is an immediate hurdle for buyers. Above $165, the next major resistance is at $168-170. The overall market sentiment is bullish as long as litecoin price is above the $140 pivot.

Trade safe traders and do not overtrade!

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Litecoin, Bitcoin Price Analysis: Price Next Move Forecast of the Gold and Silver Coin

Bitcoin price Attempted with Struggle

Bitcoin price recovery today continued as it marched for the $4.400 mark today but did not even briefly touch it as it met sellers to gain from the near term increase. The upward momentum has taken an opposite turn as it has ended with the value breaking lower than the gaining channel.

bitcoin prediction

If the declining continues it could be very possible the support will be found between the $3749 mar which is at 38.2 Fib retracement level since the major gain $1.7k to $4k and the 50-day moving average that is around $3823.

Until there is a stable trading ground or bearish patterns, no near-term trading or longer term buying is recommended.

Litecoin price faced Sellers

Litecoin was expected to hit above the $80 level, around $83 but it did not and lost footing. For the moment it is around the 61.8% Fib retracement level support trading since the last flow $42 to $96.

litecoin price prediction

Right now it is declining as the last 24 hours it is in the 1.23% negative, however if it continues and breaks the major supportive trend line of $63 a bearish pattern will form and the value could target for $54 and then $42.

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