Litecoin News

Litecoin Price Analysis: LTC/USD Nosedives Below $160

Litecoin price declined further and it even broke the $160 support against the US Dollar. LTC/USD may correct a few points in the short term, but it remains at risk below $180.

Key Talking Points

  • Litecoin price was not able to recover and declined below the $160 support before recovering (Data feed of Kraken) against the US Dollar.
  • There was a break above a short-term connecting bearish trend line with resistance at $155 on the hourly chart of the LTC/USD pair.
  • The pair is correcting higher towards the $160 and $170 resistance levels.

Litecoin Price Forecast

There was no respite for buyers as litecoin price did not move above the $180 level against the US dollar. The LTC/USD pair declined sharply and broke a major support at $175.

It initiated a major decline and the price even broke the $160 support to move into a bearish zone. LTC is now trading well below the $180 level and the 100 hourly simple moving average.

Litecoin Price Analysis LTC USD

It traded as low as $149.96 and is currently correcting higher. The price has moved above the 23.6% Fib retracement level of the last decline from the $169 high to $149 low. Moreover, there was a break above a short-term connecting bearish trend line with resistance at $155 on the hourly chart of the LTC/USD pair.

The pair is currently making a decent upside recovery above $150, but it is facing many hurdles on the upside. The first hurdle is near $160, which was a support earlier. It also represents the 50% Fib retracement level of the last decline from the $169 high to $149 low.

Above $160, the price could face a strong selling interest near $170. Therefore, any major recovery from the current levels is likely to face hurdles on the upside near $160 and $170.

On the downside, the $150 support holds the key. A break below the mentioned $150 support could initiate more declines towards the $135-140 support area in the near term.

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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