Litecoin price is struggling to gain upside momentum above $215 against the US Dollar. LTC/USD must stay above the $200 to start a fresh upside wave.
Key Talking Points:
- Litecoin price was seen trading lower yesterday towards the $200 level (Data feed of Kraken) against the US Dollar.
- Yesterday’s highlighted crucial bearish trend line with current resistance at $213 is active on the hourly chart of the LTC/USD pair.
- The pair must break the trend line resistance and $215 to gain upside momentum.
Litecoin Price Forecast
There was a stable price action during the past two sessions in litecoin price above $200 against the US dollar. The LTC/USD pair was successful in staying above the $200 support and there was no downside break.
It recently made a minor upside move above the 38.2% Fib retracement level of the last drop from the $225 high to $200 low. However, the upside move was capped by the $215-216 area. The mentioned $215 level was a support earlier and now it is acting as a hurdle for an upside move.
More importantly, yesterday’s highlighted crucial bearish trend line with current resistance at $213 also acted as a crucial barrier on the hourly chart of the LTC/USD pair. The pair failed to move above the trend line resistance and $215.
Moreover, there was a rejection from the 50% Fib retracement level of the last drop from the $225 high to $200 low. The 100 hourly simple moving average is now positioned around $215 and the trend line.
Therefore, the $213-215 area is now a significant resistance. A break and close above the $215 level is needed for buyers to gain traction. Above the mentioned $215 level, the price may continue to move higher towards the $230-240 levels.
On the downside, the last swing low of $200 holds a lot of importance. The price must stay above $200, else there is a risk of more declines. As long as the price is above $200, there is a chance of LTC/USD making another upside attempt to break $215.
Trade safe traders and do not overtrade!
