Litecoin price is trading above the $115 level against the US Dollar. LTC/USD may perhaps gain upside momentum if succeeds in clearing the $120.00 resistance.
Key Talking Points
- Litecoin price traded higher recently and moved above the $115 resistance (Data feed of Kraken) against the US Dollar.
- There is a major contracting triangle forming with resistance at $119.00 on the hourly chart of the LTC/USD pair.
- The pair may rise in the short term as long as the broken resistance now support at $115 is intact.
Litecoin Price Forecast
There was a decent upside move in litecoin price from the $111.62 low against the US dollar. The LTC/USD pair moved higher and it was successful in breaking the $115.00 resistance.
TenX recently added litecoin cryptocurrency to their wallets and the company may also launch a Litecoin debit card. It sparked buying interest and LTC moved past the $118.00 level. During the upside, there was a break above the 50% Fib retracement level of the last decline from the $122.85 high to $111.62 low.
However, the upside move was capped by the $120.00 resistance zone. A high was formed at $119.79 from where the price corrected lower. It declined below the 23.6% Fib retracement level of the last wave from the $111.62 low to $119.79 high.
At the moment, the price is testing a major support near the $115.00 level and the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last wave from the $111.62 low to $119.79 high is also around $114.50.
It seems like there is a major contracting triangle forming with resistance at $119.00 on the hourly chart of the LTC/USD pair. The pair is forming a breakout pattern with resistance around $120.00 and support near $115.00.
A break below $115.00 could push the price back towards the $110.00 support. On the flip side, an upside move above the $120.00 level may perhaps call for further gains toward the $125.00 level.
Trade safe traders and do not overtrade!
Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets
Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.