Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Approaching Key Break

Litecoin price has moved above the $150 support area against the US Dollar. LTC/USD may soon make the next move either above $165 or below $155.

Key Talking Points

  • Litecoin price is holding the $155-150 support area nicely (Data feed of Kraken) against the US Dollar.
  • There is a key contracting triangle forming with current resistance at $164 on the hourly chart of the LTC/USD pair.
  • The pair must stay above the $155 support level to avoid any further declines in the near term.

Litecoin Price Forecast

There was a decent upside recovery above the $150 level in litecoin price against the US dollar. The LTC/USD pair traded higher and even tested the $175 resistance before starting a downside correction.

There was a downside push and the price moved below the 23.6% Fib retracement level of the upside wave from the $137 swing low to $175 swing high. The decline was such that the price moved below the $165 support.

More importantly, the price traded below the $160 level and the 100 hourly simple moving average. However, the downside move was protected by the $155-156 support area. Furthermore, the 50% Fib retracement level of the upside wave from the $137 swing low to $175 swing high also acted as a support.

There was a strong buying interest near the $155 level and the price held the ground. On the upside, the $162 level and the 100 hourly SMA is currently acting as a resistance.

There is also a key contracting triangle forming with current resistance at $164 on the hourly chart of the LTC/USD pair. Therefore, a break above the $164 and $165 resistance levels is needed for buyers to move the price in the bullish zone.

Above $165, the price may retest the $175 level. On the downside, the triangle support and the $155 level are major supports. As long as the price is above the $155 support, it remains in a positive zone for more gains.

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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