Litecoin News

Litecoin Price Analysis: LTC/USD Extends Its Decline

Litecoin price failed to recover and declined below $215 against the US Dollar. LTC/USD tested the $200 support level and it remains at a risk of more losses.

Key Talking Points

  • Litecoin price declined further and traded below a major support at $215 (Data feed of Kraken) against the US Dollar.
  • There is a new connecting bearish trend line forming with resistance at $216 on the hourly chart of the LTC/USD pair.
  • The pair is likely remain in a bearish zone with resistances on the upside near $215 and $225.

Litecoin Price Forecast

Yesterday, we discussed how litecoin price was at a risk of more declines below $215 against the US dollar. The LTC/USD pair wave not able to move above the $225 resistance, which resulted in a downside move.

The price declined and traded below the $215 and $210 support levels to move into a bearish zone. It traded close to the $200 level and formed a low at $200.71. At the moment, the pair is correcting higher and moved above $205.

It has traded above the 23.6% Fib retracement level of the last decline from the $224 high to $200 low. However, the most important resistance is near $215. The mentioned $215 level was a support earlier, and now it is likely to prevent gains.

Moreover, there is also a new connecting bearish trend line forming with resistance at $216 on the hourly chart of the LTC/USD pair. Below the trend line resistance, the 50% Fib retracement level of the last decline from the $224 high to $200 low is at $212.

Therefore, there are many resistances on the upside starting with $212 up to $216. A break above the $216 resistance may perhaps push the price towards the $225 resistance.

On the downside, the recent low near $200 is a major support. If the price fails to stay above the $200 level, there can be more declines, and LTC/USD could even test 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
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