Crypto Market News

Litecoin Price Analysis: LTC/USD is Holding Key Support

Litecoin price corrected lower after trading towards $122 against the US Dollar. LTC/USD found support near $116 and is currently trading with a positive bias.

Key Talking Points

  • Litecoin price decline was stopped near a major support area at $115-116 (Data feed of Kraken) against the US Dollar.
  • There is a significant bullish trend line formed with support at $117 on the hourly chart of the LTC/USD pair.
  • The pair may continue to rise as long as it is above the $116 and $115 support levels.

Litecoin Price Forecast

Yesterday, we saw a nice upside move in litecoin price above the $120 level against the US dollar. The LTC/USD pair traded as high as $122.76 before starting a downside correction.

Looking at the chart, the price corrected lower and traded below the $120 support. There was also a break below the 38.2% Fib retracement level of the last leg from the $109.32 low to $122.76 high.

Litecoin Price Analysis LTC USD

However, the downside move was protected by a major support area near $115-116, which was a resistance earlier. Moreover, the 50% Fib retracement level of the last leg from the $109.32 low to $122.76 high also acted as a support.

The price moved back higher above the $117 level and the 100 hourly simple moving average. More importantly, there is a significant bullish trend line formed with support at $117 on the hourly chart of the LTC/USD pair.

The pair seems to be well placed above the $115-116 support area and it could continue to move higher in the near term. On the upside, an initial resistance sits near the $122 level. Above the stated $122 resistance, the price may perhaps break the $125 level for more gains in the near term.

On the downside, the trend line support at $117 is a decent buy zone. However, the most important support and buy zone is near $115-116. Should there be a break and close below $115, the price will most likely move back in a bearish zone.

The market data is provided by TradingView.

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