Litecoin News

Litecoin Price Analysis: LTC/USD Just Broke Trend Support

litecoin price chart

Litecoin price failed to move above the $190-200 resistance area against the US Dollar. LTC/USD just broke a key support at $185 to move back in the bearish zone.

Key Talking Points

  • Litecoin price recently traded higher from the $165 low before facing sellers around $190 (Data feed of Kraken) against the US Dollar.
  • There was a break below a major ascending channel support at $186 on the hourly chart of LTC/USD pair.
  • The pair could decline further and it may even test the $170 support level in the near term.

Litecoin Price Forecast

There was a fresh upside wave initiated from the $165 swing low in litecoin price against the US dollar. The LTC/USD pair traded higher and broke the $175 and $180 resistance levels to trade above the 100 hourly simple moving average.

The pair as high as $193.76 before starting a downside correction. It moved down and broke the 23.6% Fib retracement level of the last wave from the $165.3 low to $193.76 high.

litecoin price chart

More importantly, there was a break below a major ascending channel support at $186 on the hourly chart. It opened the doors for more losses in the short term below $180.

The pair is currently trading near the $180 support and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last wave from the $165.3 low to $193.76 high is at $179 to act as a support.

However, the current price action is bearish, which means LTC could extend declines below $180. The next major support is at $170 from where the price could start a new upside wave.

In the short term, there can be ranging moves between $170-195 before litecoin price makes the next move. On the upside, a successful close above $200 is needed for buyers to gain momentum,

On the downside, the $165-170 support holds a lot of importance to avoid further declines. To sum up, the recent break was short-term bearish below $180 with support at $170 and $165.

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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