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Litecoin Price Analysis: LTC/USD Breaks Key Resistance

Litecoin Price Analysis: LTC/USD Breaks Key Resistance

Litecoin price made a nice upside move above the $235 resistance against the US Dollar. LTC/USD is currently correcting lower, but it remains supported on the downside.

Key Talking Points

  • Litecoin price climbed higher recently and broke a major resistance at $235 (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted contracting triangle with resistance at $230 was breached on the hourly chart of the LTC/USD pair.
  • The pair traded as high as $252 and it is currently correcting lower.

Litecoin Price Forecast

The past few hours were mostly bullish above $220 in litecoin price against the US dollar. The LTC/USD pair started a fresh upside wave and moved above the $230 and $235 resistance levels to set the pace for more gains.

The pair settled above the $230 level and surpassed the 100 hourly simple moving average. The upside was decent as the price was able to move above the $240 and $250 resistance levels. A high was formed at $252 from where the price started a downside correction.

More importantly, yesterday’s highlighted contracting triangle with resistance at $230 was breached on the hourly chart of the LTC/USD pair. At the moment, the price is trading below the 23.6% Fib retracement level of the last wave from the $214 low to $252 high.

However, there are many supports on the downside above $230. An initial support is at $235, which was a resistance earlier. It also coincides with the 38.2% Fib retracement level of the last wave from the $214 low to $252 high.

Moreover, the $230 level is also a decent support on the downside. Therefore, if the price corrects lower from the current levels, then the $230 and $235 support levels are likely to act as buy levels.

On the upside, the $250 resistance is a major hurdle for buyers. A break and close above the $250 level is needed for buyers to take charge for more gains toward the $265-270 levels in the near term.

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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