Litecoin price is holding a key support level at $145 against the US Dollar. LTC/USD is likely to resume its uptrend above the $155 level in the near term.
Key Talking Points
Litecoin price climbed to $157.06 before starting a downside correction (Data feed of Kraken) against the US Dollar.
There is a key bullish trend line formed with support at $146.50 on the hourly chart of the LTC/USD pair.
The pair recently broke a connecting bearish trend line at $151 to open the doors for more gains.
Litecoin Price Forecast
The past few days were as litecoin price move above the $150 resistance level against the US dollar. The LTC/USD pair even moved above the $155 level and traded as high as $157.06.
Later, a minor downside correction was initiated and the price dropped below the $150 level. It traded close to the $140 level and a low was formed at $141.33. Buyers appeared and protected further downsides below $141.
More importantly, there was no break and close below $140 and the 100 hourly simple moving average. The price started a fresh upside wave and recovered above the 50% Fib retracement level of the last drop from the $157.06 high to $141.33 low.
Moreover, there was a break above a connecting bearish trend line at $151 on the hourly chart of the LTC/USD pair. At the moment, the pair is approaching the 76.4% Fib retracement level of the last drop from the $157.06 high to $141.33 low at $153.35.
A successful break above the $154 level would open the doors for a new monthly high above $157.06. The next major resistance on the upside above $157 is at $160, followed by the $165 pivot level.
On the downside, there is a key bullish trend line formed with support at $146.50 on the same chart. The same trend line at $146.50 is close to the 100 hourly SMA.
Therefore, any dips toward the $146 level are likely to find buyers in the near term.
Trade safe traders and do not overtrade!
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