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Litecoin price is holding a major support at $160-162 against the US Dollar. LTC/USD must break the $175 resistance for further gains in the near term.
Key Talking Points
- Litecoin price has settled above the $160 pivot for more gains (Data feed of Kraken) against the US Dollar.
- There is key connecting bullish trend line forming with support at $168 on the hourly chart of the LTC/USD pair.
- The pair has to move above the $175 resistance level to avoid a downside reaction.
Litecoin Price Forecast
The past few sessions were mostly quiet, but litecoin price succeeded in holding the $160-162 support against the US dollar. The LTC/USD pair made an upside break attempt, but it faced a strong resistance near $175.
There were 2-3 attempts to surpass the stated $175 resistance. However, the price failed to move higher and traded below $170. There was a break below the 23.6% Fib retracement level of the last upside wave from the $155 low to $174 swing high.
However, the downside move was protected by the $165 level, which is a decent short-term support. Moreover, the 50% Fib retracement level of the last upside wave from the $155 low to $174 swing high also acted as a buy zone.
At the moment, there is a key connecting bullish trend line forming with support at $168 on the hourly chart of the LTC/USD pair. The pair is following the trend line and it could make another attempt to break the $175 resistance.
Once there is a break and close above $175, there could be more gains toward $190. However, the price must stay above the trend line support at $168. Below $168, the price may retest the last swing low at $165.
The most important support on the downside remains at $160-162. As long as the price is above $160, it is in a positive zone for more gains. The hourly RSI is slowly rising, which means LTC/USD could test or even break $175 in the near term.
Trade safe traders and do not overtrade!
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