Litecoin News

Litecoin Price Analysis: LTC/USD Holding Key Support

Litecoin price is holding an important support at $230-240 against the US Dollar. LTC/USD needs to pierce the $265 resistance to gain traction.

Key Talking Points

  • Litecoin price after a minor decline found a strong buying interest around $225 (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted major bullish trend line with current support at $245 is intact on the hourly chart of LTC/USD pair.
  • The pair need to move above the $260 and $265 resistance levels to gain upside momentum.

Litecoin Price Forecast

There was a slight bearish angle formed yesterday as Litecoin price remained below the $265 resistance against the US Dollar. On the positive side, the LTC/USD pair also succeeded in holding the $225 swing low and is currently above the $230 level.

The pair settled above the 23.6% Fib retracement level of the last decline from the $304 high to $225 low. However, the upside move was prevented by the 100 hourly simple moving average and the $265 resistance.

Moreover, the 50% Fib retracement level of the last decline from the $304 high to $225 low also acted as a strong barrier along with a bearish trend line on the same chart.

A break above the mentioned bearish trend line at $260 followed by the $265 resistance is needed for buyers to step up the momentum. Once there is a close above $265, the price could attempt to move towards the $300 handle.

On the downside, yesterday’s highlighted major bullish trend line with current support at $245 is intact on the hourly chart. There was a false spike below the trend line support, but the pair moved back above the $230 level.

At the moment, it seems like the pair is forming a breakout pattern with resistance at $265 and support at $230. A break on either side could trigger the next move in the near term.

The technical side is positive for LTC/USD, but with weakness. Therefore, litecoin price has to move above $265 soon, else there is a risk of a downside break.

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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