Litecoin Price Analysis: Can LTC/USD Continue Higher?
However, the price is currently trading near a major support at $155 and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with support at $155 on the hourly chart of the LTC/USD pair.
Therefore, the triangle support at $155 and the 100 hourly SMA are important supports. A break below $155 could push the price towards the 50% Fib retracement level of the last leg up from the $137 low to $163 high.
The main support is near $150. As long as the price is above the $150 level, it remains in a positive zone. On the upside, the triangle resistance is at $160. A break above $160 would call for a test of the recent high at $163.
Finally, a push above $165 could clear the path for a run towards $180 in the near term. The overall price structure is positive with bullish signs above $150. Having said that, a break above $160 is needed to avoid further declines.
Trade safe traders and do not overtrade!