Litecoin News

Litecoin Price Analysis: LTC/USD Rejected from $255-260

Litecoin price traded higher but it could not break the $260 resistance against the US Dollar. LTC/USD is currently correcting lower towards the $210 support level.

Key Talking Point

  • Litecoin price after a major spike failed to move above the $260 resistance (Data feed of Kraken) against the US Dollar.
  • There is a major bullish trend line forming with support at $212 on the hourly chart of the LTC/USD pair.
  • The pair may continue to move down, but it could find buyers near the $210-212 support area.

Litecoin Price Forecast

This past week, we discussed the importance of the $255 resistance in litecoin price against the US dollar. The LTC/USD pair recently traded higher and moved above the $250 level, but there was a major rejection noted from the $260 level.

It seems like the pair was completely rejected from the $255-260 resistance area. It declined sharply and formed an inverted hammed candle, suggesting a major decline from the $261 high. During the slide, the pair broke the $225 support and is currently heading towards the 100 hourly simple moving average.

It broke the 50% Fib retracement level of the last wave from the $181 low to $261 high. Therefore, there are chances of more declines below $225. On the downside, there is a major bullish trend line forming with support at $212 on the hourly chart of the LTC/USD pair.

Moreover, the 61.8% Fib retracement level of the last wave from the $181 low to $261 high is near $212 to provide support. If the pair continues to move down, there is a chance of it finding bids near the $210 and $212 levels.

Below $210, there is a risk of a breakdown below the $200 level. On the upside, an initial resistance is around the $225 level. The mentioned $225 level was a support recently, and it may now act as a resistance. Above $225, the price may move towards the $240 level, which is the next key resistance.

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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