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.