Litecoin News

Litecoin Price Analysis: LTC/USD Holding Key Support

Litecoin price is trading above the $205-210 support region against the US Dollar. LTC/USD may trade in a range above $200 before the next move.

Key Talking Points

  • Litecoin price is trading with a neutral bias above the $200 level (Data feed of Kraken) against the US Dollar.
  • There is a key bullish trend line forming with support at $208 on the hourly chart of the LTC/USD pair.
  • On the upside, the pair is facing a major resistance near the $218 and $220 levels.

Litecoin Price Forecast

There was no major move above $220 during the past three days in litecoin price against the US dollar. The LTC/USD pair was able to stay above the $200 handle, which is a positive sign.

The recent low was formed $204.85 from where a minor upside move was initiated. The price traded higher and moved above the 50% Fib retracement level of the last decline from the $218.10 high to $204.85 low.

More importantly, there was a break above the $210 resistance and the 100 hourly simple moving average. However, the upside move was capped by the $214 level. It also failed to break the 76.4% Fib retracement level of the last decline from the $218.10 high to $204.85 low.

A fresh intermediate downside wave was initiated, and the price is currently testing the $210 support and the 100 hourly SMA. On the downside, there is a key bullish trend line forming with support at $208 on the hourly chart of the LTC/USD pair.

The pair may decline a few more points may be towards the $208 and $206 levels. However, any major losses seem to be limited by the $204 swing low. Below the mentioned $204 level, the all-important $200 level is a crucial support.

On the upside, the most important resistance is near $218. Above $218, the next immediate hurdle is at $200. Once there is a proper break above the $220 level, the price could move towards the $240 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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