Litecoin’s price has been consolidating above the 135 USD support levels. LTC/USD must move above 142 USD and the 100 hour SMA to gain momentum on the upside. Let’s look at Litecoin price critically to see what the market looks like for the digital currency.
Litecoin Price Analysis
From the closing trade reports may 16, we have observed that following a significant decline in prices, Litecoin was able to maintain the 134 USD -135 USD support levels against the dollar. The Litecoin/USD pair began trading in one range and is presently consolidating just above 135 USD with a slight bullish angle.
When we look at the chart, we can see that Litecoin’s price was able to shift above the USD 138 and 140 USD resistance levels. The cryptocurrency also succeeded in moving above the 23.6% Fibonacci retracement level via the recent decline from a 153 USD high to 135 USD low. However, on the upside, the move was capped by initial resistance at 142 USD and on the 100 hour SMA. It is also important to note that, at the 38.2% Fibonacci retracement level via the last decline from a 153 USD high to 135 USD low is acting as resistance for buyers as well.
Currently, when you critically look at the table you will see that there seems to be a short-term ascending channel gaining support at 137 USD via the 100 hourly chart. A break beyond the 142 USD resistance level is required if there will be a follow through ahead of the channel resistance. This could also clear the way for more gains for this cryptocurrency towards 150 USD in the near term. Looking at the flip side, should prices fail to move above the 142 USD level and declines, the channel support at 137 USD may move into the picture. Any break further below 137 USD, will mean that prices remain at risk of more losses toward 134 USD and 130 USD.