Litecoin News

Litecoin Price Analysis: LTC/USD Corrects Lower

Litecoin price failed to move above the $175 resistance and declined against the US Dollar. LTC/USD remains at a risk of more losses towards the $150 level.

Key Talking Points

  • Litecoin price started a new downside move from the $175 swing high (Data feed of Kraken) against the US Dollar.
  • There is a major declining channel forming with resistance at $160 on the hourly chart of the LTC/USD pair.
  • The pair may continue to slide and it could even test the $150 level in the near term.

Litecoin Price Forecast

There was no upside break above the $175 level in litecoin price against the US dollar. The LTC/USD pair started a downside move and it broke the $170 and $165 support levels.

During the downside move, there was a break below the 23.6% Fib retracement level of the last leg up from the $150.76 low to $174.93 high. The price seems be under bearish pressure since it broke the $162 support as well.

Litecoin Price Analysis

It is currently trading well below the $162 level and the 100 hourly simple moving average. The current downside move is heading towards another major support at $155. It seems like there is a major declining channel forming with resistance at $160 on the hourly chart of the LTC/USD pair.

The pair could decline further since it is below the 61.8% Fib retracement level of the last leg up from the $150.76 low to $174.93 high. However, we need to keep a close watch on the $155 support level.

A break below the $155 level could increase the current bearish pressure and the price may even break the $150 level.

On the upside, the channel resistance at $160 is a major barrier for buyers. If the price succeeds in closing above the $160 and $162 resistance levels, it could resume its upside move.

Above the mentioned $162, the price may retest the last swing high of $175. The overall price action is currently bearish as long as the price is below $162.

Trade safe traders and do not overtrade!

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
Sign up for our Newsletter