Litecoin News

Litecoin Price Analysis: LTC/USD Correcting Lower

Litecoin price analysis

Litecoin price is struggling to break the $235 resistance against the US Dollar. LTC/USD is currently forming a range pattern with support near the $210-215 area.

Key Talking Points

  • Litecoin price is facing a lot of sell offers near the $235 level (Data feed of Kraken) against the US Dollar.
  • There is a contracting triangle forming with support at $215 on the hourly chart of the LTC/USD pair.
  • The pair may continue to trade in a range before it makes the next move either above $235 or below $215.

Litecoin Price Forecast

This past week, we saw a nice upward move above $200 in litecoin price against the US dollar. The LTC/USD pair was even able to move above the $220 resistance, but it struggled to gain pace above the $235 resistance level.

The pair formed a high near $235 and started a downside move. It declined below the $220 support and settled below the 100 hourly simple moving average. There was also a break below the 23.6% Fib retracement level of the last upside wave from the $177 low to $236 high.

However, the downside move was limited as the pair found support near $210. Moreover, the 50% Fib retracement level of the last upside wave from the $177 low to $236 high also acted as a support and prevented further declines.

The pair started consolidating losses and it seems like there is a contracting triangle forming with support at $215 on the hourly chart of the LTC/USD. There could be more ranging moves below $235 until the next move.

On the upside, the triangle resistance is at $230. Before $230, the price has to move above the 100 hourly SMA to gain traction. Once there is a break above the $230 resistance and the 100 hourly SMA, there are chances of more gains in the near term.

On the downside, the price has to stay above the $215 and $210 support levels to avoid further declines toward $200 or $180.

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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