Litecoin News

Litecoin Price Analysis: LTC/USD Holding Downtrend Support

Litecoin price is slowly moving down towards $200 against the US Dollar. LTC/USD has a short-term support at $215, which holds the key.

Key Talking Points

  • Litecoin price is showing many bearish signs below the $240 resistance area (Data feed of Kraken) against the US Dollar.
  • There is a descending channel forming with resistance at $240 on the hourly chart of LTC/USD pair.
  • The pair may continue to face bears as long as it is below $240 and $265.

Litecoin Price Forecast

Yesterday, we saw the big picture for litecoin price below the $280 resistance against the US dollar. The LTC/USD pair remained in the negative zone and it slowly moved down towards the $215 level where somehow buyers prevented declines.

There is a clear downtrend formed below the $265 and $240 resistance levels. Looking at the hourly chart of the LTC/USD pair, there is a descending channel forming with resistance at $240. Precisely, there are two bearish trend lines on the upside with resistance at $240 and $255.

The pair traded as low as $216 recently, and is currently correcting higher. However, it is facing sellers near the 23.6% Fib retracement level of the last decline from the $290 high to $216 low.

The main resistance is around the channel trend line at $240, which is close to the 38.2% Fib retracement level of the last decline from the $290 high to $216 low. More importantly, the 100 hourly simple moving average is positioned around $250 to act as a crucial hurdle.

Overall, it seems like there is a key barrier for buyers forming near $240 and $250. Only a close above these could open the doors for a possible push above $265. Above $265, bearish pressures would decrease and litecoin price may accelerate higher.

On the downside, the recent low of $216 is a short-term downtrend support. A break of $216 could open the doors for more declines toward $200. Below $200, there could be heavy bearish pressures on LTC/USD.

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:
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