Litecoin Price Analysis: LTC/USD Grinding Higher

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.

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