Litecoin News

Litecoin Price Analysis: LTC/USD Back to Square One

Litecoin price failed to gain momentum above $250 against the US Dollar. LTC/USD trimmed all of its yesterday’s gains and is currently trading above the $215 support.

Key Talking Points

  • Litecoin price declined sharply after failing to move above the $252-255 resistance (Data feed of Kraken) against the US Dollar.
  • There is a bullish trend line forming with support at $220 on the hourly chart of the LTC/USD pair.
  • The pair must stay above the $220 and $210 support levels to avoid further declines.

Litecoin Price Forecast

Yesterday, we saw a nice upside move above the $235 resistance in litecoin price against the US dollar. The LTC/USD pair traded towards the $260 resistance, but it seems like it failed to retain the bullish bias above the $250 level and started a downside move.

The pair declined below the $230 level and settled below the 100 hourly simple moving average. However, the downside move found support near the $205-210 area, which protected further declines below $200.

The pair is currently correcting higher and is trading above the 23.6% Fib retracement level of the last decline from the $252 high to $215 low. On the downside, there is a bullish trend line forming with support at $220 on the hourly chart of the LTC/USD pair.

The pair has to stay above the trend line support and $210 to avoid any further declines. If it fails to stay above the $210 support, there is a chance of further declines below the $200 level.

On the upside, the most important resistance is near $230-235. It is also near the 50% Fib retracement level of the last decline from the $252 high to $215 low.

The $230-235 resistance acted as a barrier on many occasions and it could once again prevent upsides. Overall, it seems like litecoin price is back to square one and it may perhaps trade in a range above $210 before it makes the next move in the near term.

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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