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Litecoin Price Analysis: LTC/USD Consolidates above $170?

Litecoin Price Analysis

Litecoin price is trading in a range above the $170 level against the US Dollar. LTC/USD may rise in the short term, but it is facing sellers near $185 and $195.

Key Talking Points

  • Litecoin price is currently consolidating losses above the $170 level (Data feed of Kraken) against the US Dollar.
  • There is a contracting triangle forming with resistance at $192 on the hourly chart of the LTC/USD pair.
  • The pair must stay above the $170 support, else there is a risk of a downside break.

Litecoin Price Forecast

There was no upside break above the $190 and $195 resistance levels yesterday in litecoin price against the US dollar. The LTC/USD pair declined and moved below the $180 support.

The pair also settled below the $180 level and the 100 hourly simple moving average, which is a bearish sign. The recent low formed was at $173.93 and the price is currently trading in a range.

Litecoin Price Analysis

It seems like the price is consolidating losses above the $170 level, but it is also facing many hurdles on the upside. An initial resistance is around the 38.2% Fib retracement level of the last decline from the $192.80 high to $173.93 low.

The $181 level is also near the 100 hourly SMA. Therefore, the $180-181 zone is a crucial barrier for the current wave. Above $181, the price may even break the 50% Fib retracement level of the last decline from the $192.80 high to $173.93 low.

At the moment, it seems like there is a contracting triangle forming with resistance at $192 on the hourly chart of the LTC/USD pair. The pair could rise above $180 and $185, but it won’t be easy for buyers to push the price above $192.

On the downside, the $170 support holds a lot of importance. A break below the $170 level could spark fresh losses towards the $155 level.

Overall, the price may continue to consolidate above the $170 level before it makes the next move.

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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