Litecoin News

Litecoin Price Analysis: LTC/USD Consolidating above $150

Litecoin price started correcting higher after testing the $165 support against the US Dollar. LTC/USD seems to be consolidating above the $150 pivot level for the next move.

Key Talking Points

  • Litecoin price is stable above the $150 support level (Data feed of Kraken) against the US Dollar.
  • There is a short-term ascending channel forming with current support at $175 on the hourly chart of LTC/USD pair.
  • The pair may trade a few points higher, but the upside move could be capped by the $190 level.

Litecoin Price Forecast

The past few sessions were mostly stable above $165 in litecoin price against the US dollar. The LTC/USD pair traded as low as $165.51 recently and is currently correcting higher.

The current price action is positive above the $165 level, but it seems to be only a consolidation phase. There was a break above the 23.6% Fib retracement level of the last decline from the $216 high to $165 low.

However, the upside move was capped by the $185 resistance and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $216 high to $165 low also acted as a resistance.

At the moment, there is a short-term ascending channel forming with current support at $175 on the hourly chart of LTC/USD pair. The pair may follow the channel and move higher towards $185-190.

However, the $185-190 resistance and the 100 hourly simple moving average are major hurdles for buyers. A break above $190 won’t be easy, with the next barrier at $200.

On the downside, the $165 support is a decent buy zone. The most significant support sits at $150 which is a crucial pivot level. As long as the price is above the $150 pivot level, the price may continue to consolidate and prepare for the next move.

The current bias is positive with chances of a test of the $190 resistance. Buyers can consider opting for a small buy around the $165 and $155 level.

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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