Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Approaching Next Crucial Break

Litecoin price is holding the $115.00 support area, but it is facing many hurdles. LTC may soon make the next move either above the $122.50 resistance or towards $112.00.

Key Talking Points

  • Litecoin price is currently consolidating above the $117.00 support area (Data feed of Kraken) against the US Dollar.
  • There is a crucial bearish trend line forming with resistance near $122.50 on the 4-hours chart.
  • LTC price could either break the $122.50 resistance or decline again towards the $112.00 support.

Litecoin Price Analysis (LTC)

In the past three sessions, there were mostly range moves in bitcoin, Ethereum, ripple, EOS and Litecoin against the US Dollar. Earlier, the LTC/USD pair declined below the $115.00 support area, but the $112.00 level acted as a strong support once again.

Litecoin Price Analysis (LTC)

Looking at the chart, LTC price traded as low as $112.21 and recently corrected higher. It broke the $115.00 resistance area and the 50% Fib retracement level of the last drop from the $136.59 high to $112.21 low.

The price climbed above the $125.00 level, but it struggled to gain momentum above the $127.50 level and the 100 simple moving average (4-hours). Moreover, there is a crucial bearish trend line forming with resistance near $122.50 on the 4-hours chart.

The price even struggled to clear the 61.8% Fib retracement level of the last drop from the $136.59 high to $112.21 low. The price is currently trading below the $122.50 level, but it is holding the $117.00 support area.

If there is an upside break above the trend line and $124.00, the price could continue to rise in the near term. The next key resistance is near $128.00 and the 100 SMA, above which litecoin could jump towards the $140.00 level.

Conversely, if there is no upside break, the price break the $117.00 support area. In the mentioned case, the price could revisit the main $112.00 support area.

Overall, litecoin price seems to be preparing for the next crucial break, and it could either break the $122.50 resistance or decline again towards the $112.00 support.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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