Litecoin News

Litecoin Price Analysis: Can LTC/USD Surpass 100 SMA?

Litecoin price made a nice upside move before retreating below $250 against the US Dollar. LTC/USD has to break 100 SMA and $250 to move higher.

Key Talking Points

  • Litecoin price declined and trimmed its recent gains from the $279 swing high (Data feed of Kraken) against the US Dollar.
  • A major connecting bearish trend line with current resistance at $265 prevented gains on the hourly chart of LTC/USD pair.
  • The pair needs to move back above $250 and the 100 hourly simple moving average to gain traction.

Litecoin Price Forecast

After trading as low as $216, litecoin price started an upside move above $220 against the US dollar. The LTC/USD pair moved higher and broke a few important resistances such as $250 and $260 to trade towards $280.

During the upside move, the pair broke a bearish trend line with resistance at $245 on the hourly chart. It cleared the way for more gains above $260 and the 100 hourly simple moving average. The pair traded as high as $279 where it faced sellers.

Moreover, a major connecting bearish trend line with current resistance at $265 on the same chart acted as a resistance. The price started a fresh downside wave and traded below $250 and the 100 hourly SMA.

A low was formed recently at $232 and the price is currently consolidating in a range. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $279 high to $232 low at $245.

The stated $245 resistance is also around the 100 SMA. A break above the $245-250 levels will most likely push the price towards the same trend line with resistance at $265.

A proper close above the $250 level followed by the bearish trend line is needed for litecoin buyers to gain upside momentum. On the downside, the recent low of $232 is a decent support. However, the most important support for LTC/USD is at $220.

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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