Key Talking Points
- Litecoin price gained upside momentum and traded above the $160 level (Data feed of Kraken) against the US Dollar.
- There was a break below an ascending channel with support at $158 on the hourly chart of the LTC/USD pair.
- The pair is likely to trade lower in the short term towards the $145 and $140 support levels.
Litecoin Price Forecast
Yesterday, we discussed that litecoin price could trade above the $150 level against the US dollar. The LTC/USD pair even traded above the $160 resistance, but it was not able to retain momentum above the stated level.
A high was formed near $163.66 and it seems like the $160-165 resistance zone once again prevented gains. The pair moved down and broke the 23.6% Fib retracement level of the last wave from the $140.90 low to $163.66 high.
The most important break was below an ascending channel with support at $158 on the hourly chart of the LTC/USD pair. It has opened the doors a fresh downside wave from $163.66.
The pair is currently trading near the $155 level and the 100 hourly simple moving average. It could soon break the $150 level and trade further lower. An immediate support is around the 50% Fib retracement level of the last wave from the $140.90 low to $163.66 high.
However, if the recent break is true, there is a chance that litecoin price may retest the $145 support level. Below the $140 support, the price could even retest the last swing low of $140.90, which is a major support area.
On the upside, an initial resistance is near the $158-160 level. Above $160, LTC/USD could once again attempt to move above the $165 level. In the short term, the price could decline and retest the $145 support level, followed by a test of $140.00.
Trade safe traders and do not overtrade!
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