Litecoin price is moving back higher above $300 against the US Dollar. LTC/USD is following an uptrend and it might soon accelerate higher.
Key Talking Points
- Litecoin price is gaining pace above $300 and remains well supported against the US Dollar.
- There is a short-term rising channel forming with support at $308 on the hourly chart of LTC/USD.
- The pair is currently above the $300 handle and the 100 hourly simple moving average, which is a positive sign.
Litecoin Price Forecast
Recently, we saw the start of a correction coupled with consolidation move from $348 in litecoin price against the US Dollar. The LTC/USD pair corrected lower, moved below the $300 support and traded below the 23.6% Fib retracement level of the last wave from the $128 low to $348 high.
However, the downside move was protected by the $250 support and the 100 hourly simple moving average. Sellers failed to push the price below $250 and later the price started correcting higher.