Litecoin Price Analysis – LTC/USD Heading Back to $150?

A break above the $147 resistance area sees Litecoin rising back to $150.

Key Highlights:

  • LTC price could be heading back to $150 very soon
  • A break above the $147 resistance area could send the coin back to $150
  • A major bullish trend was created from the $122.50 support level earlier today

Litecoin — On An Upward Trend

After diving to as low as $106.94 earlier today, LTC bounced back and held a support level at $122.50 for a brief moment. The coin then took off from there on a major bullish trend, testing several resistance levels and hit a daily high of $146.11.

For now, there exists a short-term range of $140 to $145 that LTC is trading in. A new resistance point that investors should monitor is at $147. This is a level that if broken through could send the coin back to $150 and even beyond.

Litecoin rising

Source: Tradingview

However, the MACD indicator implies that this bullish trend may slow or stop at around $142, as the MACD line is closing toward the zero line and could drop further. It is likely that most of the gains in the short term will occur between the $140 to $145 range unless the resistance level materializes.

Looking at the Technical Indicators:

  • MACD — the MACD indicator is showing that the bullish trend may be losing its momentum
  • Volume — volume has generally been volatile, but large spikes in trading volume resulted in LTC going up on several occasions
  • Major Resistance Level — $147
  • Major Support Level — $136

Featured Image: Twitter

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.

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