Litecoin price surpassed the $340 level against the US Dollar. LTC/USD is currently correcting, but it remains bullish above $300.

Key Talking Points

Litecoin price surged above the $300 level and traded to a new all-time high at $349 against the US Dollar.

There is a major contracting triangle forming with current support at $275 on the hourly chart of LTC/USD.

The pair is about to break higher above $300 and will most likely resume its uptrend in the near term.

Litecoin Price Forecast

In yesterday’s analysis, I mentioned that it bullish momentum stays intact, litecoin price will soon move above the $250 level against the US Dollar. The LTC/USD pair gained heavy bids and was able to move above the $250 and $300 resistance levels.

The upside move was very strong and the price was able to post a new all-time high at $349. Later, a minor correction was initiated and the price moved below the 50% fib retracement level of the last wave from the $222 low to $349 high.

However, the downside move was protected by yesterday’s highlighted bullish trend line with current support at $275 on the hourly chart of LTC/USD.

The pair also found bids near the 61.8% fib retracement level of the last wave from the $222 low to $349 high. It is now moving nicely above the $250-270 support levels and it seems like there is a major contracting triangle forming with current support at $275 on the hourly chart.

The triangle resistance is near the $300 level. Once there is a break above the $300 level, litecoin price will most likely resume its uptrend. The next immediate resistance is around the recent high of $349. Should there be a break above the $350 level, the next major target for buyers could be around the $400 level.

On the downside, the $275 and $250 levels are important supports. The price has to stay above the stated supports to avoid a retest of the $200 handle in the near term.

Trade safe traders and do not overtrade!