Litecoin Price Analysis: LTC/USD Recovers Sharply From $135
More importantly, there was a break above a major bearish trend line with resistance at $141 on the hourly chart of the LTC/USD pair. The pair is now well above the $150 level is currently trading in a positive zone.
However, there is a crucial barrier for buyers near the $158 and $160 resistance levels. The 100 hourly simple moving average is also positioned around the $158 level.
On the positive side, the price has breached the 50% Fib retracement level of the last drop from the $172 high to $137 low. Therefore, there are chances of it breaking the $160 resistance levels for more gains in the near term.
Above the mentioned $160 level, the next stop could be the last swing high of $172. On the downside, the broken support near $150 may now act as a support. Below $150, the $140 level could act as a strong buy zone in the near term.
Trade safe traders and do not overtrade!