The LTC/USD coin failed to extend its winning streak of the previous session and turned bearish below the $150.00 level. Litecoin is currently trading at $149.723, and it dropped by 4.48% on the day. The recent modest declines appeared after the US dollar climbed towards a four-month high against the euro.
Investors are positioning for the US Federal Reserve to start asset tapering earlier than scheduled. The downticks in the LTC coin pair could be short-lived, as there is room for upward movement. Apart from this, the Litecoin price is still maintaining an upward momentum within the channel, and traders can expect the price to continue to rise as soon as the bulls put more pressure on the market.
The downtrend in the LTC/USD coin could be associated with the stronger US dollar. The greenback was up in Asia on Monday morning, climbing towards a 4-month high against a bucket of other currencies.
Investors are pricing for the US Federal Reserve to start asset tapering earlier than scheduled. The US dollar got a further boost from the strong US jobs report that raised hopes that the Fed could start asset tapering and hiking of interest rates earlier than expected. Thus, the upticks in the greenback kept the LTC/USD coin pair under pressure.
Litecoin – LTC/USD – Technical Outlook – Three White Soldiers Support at $145
The LTC/USD coin is trading with a bullish bias at 153.54, heading towards an immediate resistance level of 157.79. The coin has formed three white soldiers patterns that are supporting the bullish bias in Litecoin. On the higher side, the resistance remains at 157.79, and a breakout at this level could lead the LTC/USD price up higher, until the 162.57 level.
The MACD and the RSI levels suggest strong buying in Litecoin today, while the 50 periods simple moving average supports a bullish trend above 149. Let’s consider taking a buy trade today, until the 157 level. Good luck!