Litecoin (LTC) Price Analysis: Fresh Rally Likely If It Breaks $150

Litecoin price started an upside correction above the $120 zone against the US Dollar.
LTC price is now well above the $130 level and the 55 simple moving average (4-hours).
There was a break above a crucial bearish trend lien with resistance near $128 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
The pair must clear $145 and $150 to start a fresh rally in the near term.

Litecoin price is slowly gaining pace above $130 against the US Dollar, unlike bitcoin. LTC price must break $150 to move further into a positive zone in the near term.

Litecoin Price Analysis

This week, there was a decent upward move in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $120 level and it started a fresh increase.

The bulls were able to push the price above the $130 level and the 55 simple moving average (4-hours). There was a break above a crucial bearish trend lien with resistance near $128 on the 4-hours chart of the LTC/USD pair.

The pair even spiked above the 50% Fib retracement level of the main decline from the $182 swing high to $105 low. However, the price is now facing a strong resistance near the $145 and $150 levels. There was also already a rejection noted near the $148 level.

The 61.8% Fib retracement level of the main decline from the $182 swing high to $105 low is also near the $152 level. Therefore, the price must break the $150 and $152 levels to continue higher. The next key resistance is near the $165 level and $168.

An initial support on the downside is near the $135 level. The next major support could be near the $132 level and the 55 SMA. Any more losses might call for a drop towards the $110 level.

Looking at the chart, litecoin price is clearly trading well above $130 and the 55 simple moving average (4-hours). Overall, the price must clear $145 and $150 to start a fresh rally in the near term.