Litecoin News

Litecoin Price Analysis: Can LTC/USD Recover Further?

Litecoin price formed a decent support around $150 and recovered against the US Dollar. LTC/USD has to move above the $165 and $170 level to recover further.

Key Talking Points

  • Litecoin price is showing a few positive signs after forming a support at $150 (Data feed of Kraken) against the US Dollar.
  • There is a key bearish trend line forming with resistance at $165 on the hourly chart of the LTC/USD pair.
  • The pair can gain upside momentum if buyers succeed in pushing the price above $165 and $170.

Litecoin Price Forecast

We saw a major downside move yesterday below the $170 support in litecoin price against the US dollar. The LTC/USD pair declined sharply and even traded below the $160 support.

A low was formed at $149.96 before a recovery was initiated. It seems like the price is forming a decent base above $150 as it has moved above the 50% Fib retracement level of the last downside move from the $177 high to $150 swing low.

However, the upside move was protected by the $165 zone, which was a support earlier. Moreover, there is a key bearish trend line forming with resistance at $165 on the hourly chart of the LTC/USD pair.

The pair also struggled to move above the 61.8% Fib retracement level of the last downside move from the $177 high to $150 swing low. It is currently consolidating below $165 and the trend line.

If the price succeeds in moving above the trend line and $165, the next hurdle is near $170. The mentioned $170 level is a key pivot zone and also coincides with the 100 hourly simple moving average.

A proper close above the $170 level and the 100 hourly SMA could open the doors for a substantial recovery in the near term.

On the flip side, if litecoin price fails to move above the $165 and $170 levels, there could be a downside reaction back towards the $150 support zone.

Trade safe traders and do not overtrade!

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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