Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Could Revisit $115

Litecoin Price Analysis LTC USD

Litecoin price struggled and failed near the $122 resistance zone against the US Dollar. LTC/USD is currently correcting lower and it could revisit the $115 support.

Key Talking Points

  • Litecoin price did not move above the $122 resistance and declined (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted key contracting triangle with support at $121 was breached on the hourly chart of the LTC/USD pair.
  • The pair is currently under pressure and it may perhaps retest the $115 and $116 supports.

Litecoin Price Forecast

There were many attempts to break the $122-123 resistance zone, but litecoin price failed to surpass the stated barrier against the US dollar. As a result, the LTC/USD pair started a downside correction and declined below the $121 support.

Looking at the chart, the price clearly struggled a lot above $122, increasing bearish pressures. The price declined and moved below the 23.6% Fib retracement level of the last wave from the $116.09 low to $123.38 high.

Litecoin Price Analysis LTC USD

More importantly, there was a break and close below the $120 level and the 100 hourly simple moving average. Furthermore, yesterday’s highlighted key contracting triangle with support at $121 was breached on the hourly chart of the LTC/USD pair.

The pair is now trading just below the 50% Fib retracement level of the last wave from the $116.09 low to $123.38 high. There is a bearish angle forming below the $120 level and the 100 hourly SMA.

Therefore, there are chances that the price may continue to decline and trade towards the next major support at $115-116. An intermediate support is around the $117.5 level, which the 76.4% fib level of the stated wave.

On the flip side, if Litecoin price recovers and moves back above $120 and the 100 hourly SMA, it could retest the $122 resistance zone. However, a break and close above the $122 resistance zone seems to be a tough task for buyers.

The overall price action indicates minor bearish moves towards $116 if the price is below $122.

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: [email protected]