Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Consolidating Near $95

Litecoin Price Analysis LTC USD

Litecoin price remained supported above the $92-93 zone against the US Dollar. LTC/USD could slowly move higher towards the $98 and $100 resistance levels in the near term.

Key Talking Points

  • Litecoin price declined recently towards the $95 support level (Data feed of Kraken) against the US Dollar.
  • There is a key ascending channel forming with support at $95.50 on the hourly chart of the LTC/USD pair.
  • The pair may perhaps move a few points higher and test the $100 hurdle in the near term.

Litecoin Price Forecast

There was an upside reaction recently above the $98 level in litecoin price against the US dollar. The LTC/USD pair even spiked above the $100 level and traded as high as $101.58.

Looking at the chart, the price declined below the $100 and $98 levels after struggling to hold gains above the $101 level. The price traded below the 50% Fib retracement level of the last wave from the $93.11 low to $101.58 high.

Litecoin Price Analysis LTC USD

More importantly, there was a break below the $97.00 level and the 100 hourly simple moving average. However, the downside move was protected by the $95.00 level. There is also a key ascending channel forming with support at $95.50 on the hourly chart of the LTC/USD pair.

The pair also held the 76.4% Fib retracement level of the last wave from the $93.11 low to $101.58 high. Therefore, the pair has to stay above the $95.00 support level to stay in a positive zone. Below this, the price may move further lower towards the $93.00 support area.

On the upside, there is a key barrier near the $98.00 level, above which, the price may perhaps retest the $100 resistance zone. Finally, a break and close above $102 is needed for buyers to gain traction. The next hurdle above $102 sits around the $108-110 zone.

The overall price action is positive and it seems like litecoin price may perhaps move back above $98 resistance level.

The market data is provided by TradingView.

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: [email protected]
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