Litecoin worth traded above the $125 stage earlier than beginning a correction in opposition to the US Greenback. LTC/USD is at the moment buying and selling close to a significant help at $120-122.
Key Speaking Factors
· Litecoin worth began a draw back correction after buying and selling in direction of $128 (Knowledge feed of Kraken) in opposition to the US Greenback.
· There was a break under a connecting bullish pattern line with help at $125.00 on the hourly chart of the LTC/USD pair.
· The pair is at the moment buying and selling close to a significant help at $122, which should maintain losses within the close to time period.
Litecoin Value Forecast
There have been stable bullish strikes in litecoin worth above the $120 resistance in opposition to the US greenback. The LTC/USD pair broke to the upside lately and traded above the $122 and $125 resistance ranges.
Trying on the chart, the worth traded near the $128 stage and a excessive was fashioned at $127.94. Later, the worth began a draw back correction and moved under the $125.50 stage.
In the course of the decline, there was a break under the 38.2% Fib retracement stage of the final wave from the $116.71 low to $127.94. Extra importantly, there was a break under a connecting bullish pattern line with help at $125.00 on the hourly chart of the LTC/USD pair.
The pair is now testing a significant help space close to $122.00, which was a resistance earlier. It’s more likely to maintain declines since it’s near the 50% Fib retracement stage of the final wave from the $116.71 low to $127.94.
If litecoin consumers fail to maintain the worth above $122.00 and the 100 hourly easy shifting common, there may very well be extra losses. The subsequent help within the talked about state of affairs is close to the $119-120 zone.
On the flip facet, if litecoin worth acquire traction and bounces again from $122, then it’s going to most definitely transfer again above the $125 stage.
The general worth motion is constructive so long as the worth is above $122 and the 100 hourly SMA. Resistances are at $125.00, $128.00 and $130.00.
The market knowledge is supplied by TradingView.