Litecoin News

Litecoin Price Analysis: LTC/USD Pressured Below $225

Litecoin price declined further yesterday towards $200 against the US Dollar. LTC/USD is currently correcting higher, but it is facing a major resistance near $225.

Key Talking Points

  • Litecoin price failed to hold the $220 support yesterday and declined towards $200 (Data feed of Kraken) against the US Dollar.
  • There is a short-term bearish trend line forming with resistance at $222 on the hourly chart of the LTC/USD pair.
  • The pair has to break the $222 and $225 resistance levels to gain upside momentum.

Litecoin Price Forecast

Yesterday, we saw a downside reaction in litecoin price from the $250 resistance against the US dollar. The LTC/USD pair was holding the $220 support level, but later the pair declined further and moved towards the $200 level.

It traded close to the $200 level and formed a low near $203. It seems like the pair has moved back in a bearish zone short term below $225 and the 100 hourly simple moving average. I tis currently correcting higher and moved above the 23.6% Fib retracement level of the last decline from the $252 high to $203 low.

However, there are many resistances on the upside near $225. There is also a short-term bearish trend line forming with resistance at $222 on the hourly chart of the LTC/USD pair.

Moreover, the 38.2% Fib retracement level of the last decline from the $252 high to $203 low is at $225 to act as a resistance. More importantly, the $225 level is near the 100 hourly SMA. Therefore, the price has to move above the channel resistance at $222 and then break the $225 resistance to gain upside momentum.

If the pair fails to move above the $225 level, it could decline once again. The most important support on the downside is now at $205 and $200. LTC must stay above the $200 level to avoid further declines. Below $200, the next key support is at $185, which is also a pivot level.

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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