Litecoin News

Litecoin Price Analysis: LTC/USD Getting Crushed

Litecoin price remained in a bearish zone and declined below $180 against the US Dollar. LTC/USD may correct a few points, but it remains sell on rallies.

Key Talking Points

  • Litecoin price failed to correct higher substantially and declined below $180 (Data feed of Kraken) against the US Dollar.
  • There is a new connecting bearish trend line forming with resistance at $176 on the hourly chart of the LTC/USD pair.
  • The pair is currently correcting higher, but it could face sellers near the $170 and $176 levels.

Litecoin Price Forecast

There was no relief for buyers as litecoin price failed to correct above the $200 level against the US dollar. The LTC/USD pair continued to decline and even broke the $190 and $180 support levels to move further into a bearish zone.

It even traded a few points below the $160 level and formed a low at $158.97. At the moment, the price is correcting higher and is trading around the 23.6% Fib retracement level of the last drop from the $188.5 high to $158.9 low.

Litecoin Price Analysis

On the upside, there are many barriers for buyers near the $175 level. There is also a new connecting bearish trend line forming with resistance at $176 on the hourly chart of the LTC/USD pair.

Moreover, the 50% Fib retracement level of the last drop from the $188.5 high to $158.9 low is around the $173.9 level. More importantly, the previous support at $175 may now act as a resistance.

Therefore, if the price corrects higher from the current levels, it could face a solid selling interest near the $175 level. If at all buyers succeed in pushing the price above $175, the next resistance is at $200.

On the downside, the recent low near $158 is a short term support. However, I think if the current pressure remains intact, the price may even trade towards the $150 level. The mentioned $150 level is a major support where buyers may emerge in the short term.

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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