Litecoin News

Litecoin Price Analysis: LTC/USD Holding Uptrend Support

Litecoin price managed to stay above the $200 support against the US Dollar. LTC/USD must break the $225 resistance to gain upside momentum.

Key Talking Points

  • Litecoin price found a strong buying interest above the $200 support (Data feed of Kraken) against the US Dollar.
  • There is a key bullish trend line forming with support at $215 on the hourly chart of the LTC/USD pair.
  • The pair has to break the $225 and $236 resistance level to start a fresh upside wave.

Litecoin Price Forecast

Yesterday, we saw a major downside reaction in litecoin price from the $260 resistance against the US dollar. The LTC/USD pair traded below the $240 and $225 support levels, but it was able to stay above the $200 support and the 100 hourly simple moving average.

A low as formed near $211 and the price started a minor upside wave. The best part is the fact that the price stayed above the $200 support and the 100 hourly SMA. It is currently testing the 23.6% Fib retracement level of the last wave from the $261 high to $211 low.

On the downside, there is a key bullish trend line forming with support at $215 on the hourly chart of the LTC/USD pair. As long as the pair is following the trend line support, $210 pivot and the 100 hourly SMA, it remains in an uptrend.

On the upside, an initial resistance is at $225. A push above the $225 resistance may open the doors for more gains in the near term. The next resistance is at the 50% Fib retracement level of the last wave from the $261 high to $211 low.

Above the $236 resistance, there is no major resistance up to $255 and $260. The overall price action is positive above the $210 level.

If litecoin price succeeds in moving above $225 during the next few hours, there can be more bullish action in the short term towards $236 and $250.

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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