Litecoin Price Watch – LTC/USD Showing Strength

Litecoin Price Watch – LTC/USD Showing Strength

Key Highlights:

  • Litecoin passed a crucial test and held a major support level of $150
  • It looks like LTC is now on another bullish trend, testing a resistance of $162 once again
  • On the downside, the coin is trading below its 20-day moving average

Litecoin Showing Strength

For the past few days, Litecoin has shown tremendous strength, breaking above its previous resistance point of $150. Continuing this momentum, LTC price was able to hold a major support of $150 earlier today, after which it formed a sizable bullish trend line on its way up to a daily high of $162.33.

Litecoin Price Watch

Source: Tradingview

Currently, another bullish trend has formed, testing a resistance of $162 once again, while a head-and-shoulders pattern was created along the way. This also sets up a major support level at $156.

However, the coin is trading below its 20-day moving average, so there’s a possibility LTC could go down in the next hours. This sentiment is also evident in the patterns shown in the MACD graph

Looking at the Technical Indicators:

  • MACD — weak bearish signal
  • Exponential Moving Average — bearish signal
  • Major Resistance Level — $162
  • Major Support Level — $156

Featured Image: Depositphotos/© albund

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.