Litecoin News

Litecoin Price Analysis: LTC/USD Declines Below $200

Litecoin price was not able to hold the $205 and $200 support levels against the US Dollar. LTC/USD traded towards $180 before starting a short-term correction.

Key Talking Points

  • Litecoin price extended declines and traded below a major support at $200 (Data feed of Kraken) against the US Dollar.
  • There is a key bearish trend line forming with resistance at $205 on the hourly chart of the LTC/USD pair.
  • The pair may correct a few points in the short term, but it may face sellers near $205 and $210.

Litecoin Price Forecast

There was a no major recovery in litecoin price above $225 yesterday against the US dollar. The LTC/USD pair even failed to hold the $205 support level and declined below the $200 handle. It traded towards the $180 level and formed a low at $181.

The pair is now trading well below the $200 level and the 100 hourly simple moving average. It recently started an upside correction and is currently trading near the 23.6% Fib retracement level of the last drop from the $252 high to $181 low.

However, there are many barriers on the upside for buyers above the $200 level. There is also a key bearish trend line forming with resistance at $205 on the hourly chart of the LTC/USD pair.

More importantly, the stated $205 level was a support earlier, and now it could act as a strong resistance. Furthermore, the 38.2% Fib retracement level of the last drop from the $252 high to $181 low is at $208 to act as another resistance.

Only a successful close above the $205 and $210 resistance levels could kick start a fresh upside wave in litecoin price in the near term.

On the downside, the recent low of $181 is a short term support. If the pair fails to hold the $181-180 support area, there is a chance of a slide back towards the $160 level. The overall price structure is bearish as long as the price is below $210.

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
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