Ethereum (ETH) Price Analysis: Double Bottom Neckline Test Litecoin price is consolidating above the $135 support against the US Dollar. LTC/USD has to move above $142 and the 100 hourly SMA to gain upside momentum.
After a major decline, litecoin price was able to hold the $134-135 support area against the US dollar. The LTC/USD pair started trading in a range and is currently consolidating above $135 with a minor bullish angle.
Looking at the chart, the price was able to move above the $138 and $140 resistance levels. It also managed to move above the 23.6% Fib retracement level of the last decline from the $153 high to $135 low.
However, the upside move was capped by a major resistance at $142 and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $153 high to $135 low is also acting as a resistance for buyers.
At the moment, it seems like there is a short-term ascending channel forming with support at $137 on the hourly chart of the LTC/USD pair. A break above the $142 resistance is required for a follow through above the channel resistance. Read more from ethereumworldnews.com…
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