Litecoin Price Analysis: Can LTC/USD Surpass $175?
However, the downside move was protected by the $165 level, which is a decent short-term support. Moreover, the 50% Fib retracement level of the last upside wave from the $155 low to $174 swing high also acted as a buy zone.
At the moment, there is a key connecting bullish trend line forming with support at $168 on the hourly chart of the LTC/USD pair. The pair is following the trend line and it could make another attempt to break the $175 resistance.
Once there is a break and close above $175, there could be more gains toward $190. However, the price must stay above the trend line support at $168. Below $168, the price may retest the last swing low at $165.
The most important support on the downside remains at $160-162. As long as the price is above $160, it is in a positive zone for more gains. The hourly RSI is slowly rising, which means LTC/USD could test or even break $175 in the near term.
Trade safe traders and do not overtrade!