The recent price action on the Litecoin counter suggests a strong possibility of a breakout, which is a much-needed sentiment to turn the consolidation of cum-flat trading crypto into a trending bullish asset. The only obstacle between a positive breakout and a retracement is resistance at $ 155.

Right now, the price action on the trendline is showing a bullish bias with a dash of fear. It’s the first time LTC has traded above $ 150 since June 21, 2021. The second resistance for Litecoin is at the psychological level of $ 200, which is all a sign of strong uptrend momentum in the near future.

Breaking the trend line on the daily charts but a return from lower levels suggests a rejection of a lower valuation of the LTC cryptocurrency. We can expect Litecoin price to break the USD 150 resistance and use the level as support for retesting higher levels.

Litecoin price analysis

On a broader time frame, LTC is neither trending nor consolidating but is about to break out of its trapped levels. Let’s discuss the other possible price movements by taking clues from technical indicators and price movements over the past few months.

Litecoin is obviously on the verge of a breakout that may help test the $ 200 mark again. With the short-term moving average of 100 days well above current valuations, we can expect LTC to consolidate near the $ 180 mark.

Another emerging support will come in at $ 140, touching new highs. The RSI on the daily charts is extremely bullish with a histogram level of 64, while the MACD indicator is trending on the positive axis, which is a positive sign for investors.

LTC price analysis

On the hourly charts, Litecoin failed to break its USD 155 resistance level and retested its support levels at USD 145. Since August 9th, 2021 we have seen strong buying with huge candles indicating positive buying at this level.

Current price action has brought LTC close to its resistance level where it was previously rejected, but given the strength of the candles over the past few hours, there is a strong opportunity for LTC to break out on ours LTC predictions. The RSI on the hourly charts is trending in the overbought zones near level 70 and the MACD is showing the beginning of a positive swing with a crossover.

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