Litecoin price analysis: LTC/USD looks to resume short-term uptrend, after bouncing off support seen at $141
- Litecoin bulls set up recovery and attempt to resume uptrend after prior session losses.
- Support at $141 was key in preventing further downside for LTC/USD.
The Litecoin price is seen up just shy of 1% during Thursday’s session, as the bulls look at resuming the uptrend seen over the past two weeks. The pullback that was observed wasn’t too surprising, given the chunky short-term bull run that has been seen.
LTC/USD was hit by double digit percentage losses on Wednesday, during the fall, the price managed to get caught by strong support at $141. This level was the upper trend line of a wedge pattern seen, that Litecoin initially broke out of on 18th April.
Technically, given the support of $141 coming into play, it may be a big boost for the bulls, in making another attempt to push further north. Above resistance is seen between $160-170, which has proven on several occasions to be a barrier for the bulls. Should this recent run of gains actually be a change in trend, then typically the move north would continue, after observing the slight pullback.
LTC/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
