Litecoin approaching breakout - LTC could rally if it breaks $150

Litecoin price declined heavily below $150, but it found support near $115 against the US Dollar. LTC is currently rising, but it is likely to face a strong resistance near $150.

Litecoin approaching breakout - LTC could rally if it breaks $150

Litecoin price recovers above $140

Recently, we saw a sharp decline in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price formed a short-term top near the $185 before starting the drop. It broke many important supports near $165 to move into a bearish zone.

There was also a break below a key ascending channel with support at $165 on the 4-hours chart of the LTC/USD pair. Litecoin price even broke the $150 support and the 100 simple moving average (4-hours).

There was a spike below the $125 support before the bulls showed near $115. A low is formed near the $113 level and the price is currently rising. There was a break above the $125 and $130 levels. The price recovered above the 23.6% Fib retracement level of the downward move from the $186 high to $113 low.

Litecoin
Source: LTCUSD on TradingView.com

It is now approaching the $150 resistance level and the 100 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $186 high to $113 low is also near $150 to act as a resistance.

If there is a clear break above the $150 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $165 and $170 levels.

Fresh dip in LTC?

If Litecoin price fails to clear the $150 resistance level, there could be another pullback. An initial support on the downside is near the $135 level.

The first major support is forming near the $132 level. Any further losses may perhaps send the price towards the $124 support in the coming sessions.

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TimeBit/Source: Decrypto

*The article is for information purposes and market analysis only, not an article that encourages investment. You should do your own research before making any investment decisions. Crypto, Forex news updated 24/7 on our social media channels: Follow us at TimeBit and Telegram Timebit-Cryptonews.