Litecoin News

Litecoin Price Analysis: Can LTC/USD Recover Above $250?

Litecoin price tested the $225 support and recovered against the US Dollar. Let’s see if LTC/USD can recover above $250 or not in the short term.

Key Talking Points

  • Litecoin price declined further and traded towards the $225 support (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line forming with resistance at $245 on the hourly chart of LTC/USD pair.
  • The pair must break and settle above $245 to gain upside momentum towards the $265 resistance.

Litecoin Price Forecast

There was an extension of yesterday’s decline in Litecoin price towards the $225 support against the US Dollar. The LTC/USD pair tested the $225 support and managed to hold the 61.8% Fib retracement level of the last upside wave from the $205 low to $265 high.

The pair is now trading with a minor bullish bias and has moved above the $240 level and the 100 hourly simple moving average. IT has also moved above the 38.2% Fib retracement level of the last decline from the $265 high to $224 low.

However, there is a major bearish trend line forming with resistance at $245 on the hourly chart of LTC/USD pair. The pair has to move above the $245 resistance if has to break $250 for a test of the $265 resistance.

The trend line resistance is close to the 50% Fib retracement level of the last decline from the $265 high to $224 low. Therefore, a successful close above $245 will most likely push the price further higher towards the $265 level.

On the downside, the 100 hourly SMA and the $230 level are decent supports. Moreover, there is a connecting bullish trend line forming on the same chart with support at $232.

As long as litecoin price is above the last low of $224, it could move above $245 and $250 resistance levels. On the flip side, a downside break below the $224-220 levels could put a lot of pressure on LTC/USD towards the $200 level.

Trade safe traders and do not overtrade!

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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