Notice: Undefined index: elements in /www/ethereumworldnews_645/public/wp-content/plugins/accelerated-mobile-pages/templates/design-manager.php on line 23
Litecoin Price Analysis: LTC/USD Correcting Lower - Ethereum World News
Litecoin News

Litecoin Price Analysis: LTC/USD Correcting Lower

Litecoinprice chart

Litecoin price formed a short-term high near the $236 level against the US Dollar. LTC/USD is currently correcting lower towards the $205-200 support area.

Key Talking Points

  • Litecoin price failed to move further above the $235 level and corrected lower (Data feed of Kraken) against the US Dollar.
  • There is a declining channel forming with resistance at $220 on the hourly chart of the LTC/USD pair.
  • The pair may correct a few more points, but the $200 support is likely to prevent declines.

Litecoin Price Forecast

Yesterday, we saw a decent upside move in litecoin price above the $200 level against the US dollar. The LTC/USD pair traded as high as $236 before it faced sellers and started a short-term downside correction.

The pair moved down and traded below the $220 support and the 23.6% Fib retracement level of the last wave from the $179 low to $236 high. The downside move was substantial as the price almost tested the $200-205 support area.

Litecoinprice chart

At the moment, it seems like there is a declining channel forming with resistance at $220 on the hourly chart of the LTC/USD pair. The current downside move seems to be corrective in structure as long as the price is above the $200 level.

The pair already tested the 50% Fib retracement level of the last wave from the $179 low to $236 high. It is a positive sign, but the price has to break the channel resistance at $220 to gain upside momentum.

Once there is a close above the $220 level, the price may resume its uptrend. Above $220, the price has to break the $235-236 resistance to rise further towards $250 in the near term.

On the downside, the $208 level is an initial support followed by $205. Below $205, the $200 level could be tested, which is also the 61.8% Fib retracement level of the last wave from the $179 low to $236 high.

A break below the $200 support could ignite more declines toward the $180 level.

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
Sign up for our Newsletter