- Litecoin is currently trading at $137.551 and dropped by 0.97 % on the day.
- A couple of bullish engulfing candles above the $136 level are supporting a buying trend in Litecoin.
- Forex trading participants may place a buy limit at $ 136 to target $ 140 and $ 148. All the best.
The LTC/USD crypto pair is reversing its previous session losing streak above the $ 136 level. Previously the pair remained bearish above the $ 135.680 level. Litecoin price prediction was bearish, but the recently bullish engulfing above $ 136.22 is likely to drive its buying trend.
If you are interested in trading LTC/USD with forex robots, check out our guide.
Litecoin is currently trading at $137.551 and dropped by 0.97 % on the day. The recent modest declines appeared after the crypto market started to lose ground, which pushed BTC down and other cryptocurrencies as well.
However, the downticks in the LTC pair could be short-lived. The daily chart shows that the candle formations are currently respecting upward movement. Crossing below the 9-day moving average might position the market price in decline.
The closest support level is located around the 21-day moving average at $130 level in the same line, while a north wave might see a high movement above the channel’s upper boundary.
Weaker Dollar Pushing LTC/USD Over $136
The broad-based U.S. dollar weakness was also seen as one of the critical factors that help the LTC/USD prices to limit their deeper losses. At the USD front, the broad-based U.S. dollar extended its previous-session bearish rally.
It fell further on the day as the market’s risk-on mood tends to weaken the safe-haven dollar. The Fed’s dovish stance in his recent conference has also played a significant role in undermining the U.S. dollar. Thus, the U.S. dollar strength was seen as one of the key factors that kept the LTC/USD coin under pressure.
Litecoin Price Prediction – Technical Outlook: LTC to Bounce off Over $136?
Litecoin price prediction was bearish, but the recently bullish engulfing above $ 136.22 is likely to drive its buying trend. On the 4-hour chart, LTC/USD is trading bullish towards the next resistance level of $142.
A couple of bullish engulfing candles over the $136 level are supporting a buying trend in Litecoin. On the higher side, the breakout of $142 resistance will likely open additional room for buying until the next resistance area of $149.85. This level is given by a double top pattern on the 4-hour chart.
Speaking about the Stochastic RSI, it’s staying at 15, coming out of an oversold zone. It signaling that the odds of a bullish reversal remain strong above the $ 136.25 level. Alternatively, a bearish breakout of $136.22 level can trigger a selling trend until the next support level of $ 132.20 and $ 127.68
Thus, the forex trading participants may look for placing a buy limit at $ 136 to target $ 140 and $ 148. All the best.
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