Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Correction Could Be Limited

Litecoin price is holding the $100 support area against the US Dollar. LTC/USD could correct higher or consolidate in the near term between $100-112.

Key Talking Points

  • Litecoin price is forming a support base above the $100 level (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted connecting bearish trend line was broken with resistance at $105 on the hourly chart of the LTC/USD pair.
  • The pair may consolidate in the short term above the $100 level before making the next move.

Litecoin Price Forecast

Yesterday, we saw a solid downside move below the $110 support in litecoin price against the US dollar. The LTC/USD pair traded towards the $100 handle and it formed a low around $103.

Looking at the chart, the price formed a decent support base near $102-103 and is currently correcting higher. It traded a few points above the 23.6% Fib retracement level of the last drop from the $119.20 high to $103.07 low.

Litecoin Price Analysis LTC

Moreover, yesterday’s highlighted connecting bearish trend line was broken with resistance at $105 on the hourly chart of the LTC/USD pair. There are chances of more gains above the $105 level in the near term.

However, there are many hurdles on the upside around the $100 level. The most important resistance is near the 50% Fib retracement level of the last drop from the $119.20 high to $103.07 low around $111.

Therefore, if the price corrects higher from the current levels, it could face sellers near the $108, $110 and $111 levels. Above this last, the price may test the 100 hourly simple moving average, which is positioned near the $114 level.

On the flip side, if the price moves down once again, it could break the $103 swing low. Below this, there is a risk of a downside break below the $100 level in the near term.

Overall, the current market sentiment is slightly positive with ranging moves above the $100 handle.

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: aayushjindal@ethereumworldnews.com
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