Litecoin News

Litecoin Price Analysis: LTC/USD Preparing for Bull Run?

Litecoin price is stable above the $175-180 support against the US Dollar. LTC/USD mostly consolidated in a range and it seems to be preparing for an upside break.

Key Talking Points

  • Litecoin price remains supported on the downside above $170 (Data feed of Kraken) against the US Dollar.
  • This week’s highlighted important short-term ascending channel with current support at $178 is still in place on the hourly chart of LTC/USD pair.
  • The pair seems to be preparing for an upside push above the $188 resistance in the near term.

Litecoin Price Forecast

There were mostly ranging moves with a minor bearish angle in below $188 in litecoin price against the US dollar. The LTC/USD pair formed a short-term double bottom pattern near $165 and started an upside move.

The pair traded towards the $188-190 resistance. The stated $188-190 resistance prevented gains on many occasions and it acted as a barrier the last upside wave. LTC moved down and traded below the 38.2% Fib retracement level of the last leg up from the $165.41 low to $187.29 high.

However, the downside move is limited by the $175-180 support. More importantly, this week’s highlighted important short-term ascending channel with current support at $178 is still in place on the hourly chart.

Moreover, the 50% Fib retracement level of the last leg up from the $165.41 low to $187.29 high acted as a support recently and prevented further declines. The price is currently moving to and fro around the 100 hourly simple moving average and the $180 level.

Buyers need to gain pace to move higher and break the $188-190 resistance area. A proper close above the mentioned $190 horizontal resistance is needed for buyers to gain strength.

The next barriers above $190 area $200 and $220. On the flip side, the $175-180 support area is significant. Should there an hourly close below $175, the price may retest the last swing low of $165 in the near term.

Overall, the price is bullish with support at $175 and resistance near $190.

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
Sign up for our Newsletter