Litecoin price is struggling to hold ground above the $210 support against the US Dollar. LTC/USD remains at a risk of more losses towards or below $200.
Key Talking Points
- Litecoin price completed an upside correction around the $300 level (Data feed of Kraken) against the US Dollar.
- The LTC/USD is currently trading below a major triangle support at $240 on the 4-hours chart of LTC/USD pair.
- The pair has to move above the $290 level to move back in the bullish zone in the medium term.
Litecoin Price Forecast
Yesterday, we discussed how litecoin price was at risk of more losses toward $210 against the US dollar. The LTC/USD pair is currently trading below the $250 level and is struggling to gain traction above the mentioned level.
Let’s study the 4-hours chart of LTC/USD to understand the current price action. There was a major drop from the $368 high to $182. Later, the price started an upside correction and moved above the $250 level and the 50% Fib retracement level of the last decline from the $368 high to $182 low.
However, the upside move was capped by the $300 level. There were two attempts to break the $300 level, but buyers failed to move the price further higher. Furthermore, the 61.8% Fib retracement level of the last decline from the $368 high to $182 low also prevented upsides.
The pair struggled and it recently traded below an important triangle support at $240. The current price action is negative below the $250 level and the 100 simple moving average (4-hours).
If the recent triangle break is real, there is a chance of a downside acceleration toward $180 in the near term. An intermediate support is at $210, which prevented declines on many occasions.
On the upside, the triangle resistance trend line is intact at $290. LTC/USD has to trade above the $290-300 levels to move back in the bullish zone in the medium term. In the short term, there is a risk of more losses in litecoin price toward $210 and $180.
Trade safe traders and do not overtrade!