Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Remained Range Bound

Litecoin Price Analysis LTC USD

Litecoin price corrected higher above $100 against the US Dollar. LTC/USD tested the $100 resistance, which acted as a barrier for buyers.

Key Talking Points

  • Litecoin price made an upward move towards the $103 resistance level (Data feed of Kraken) against the US Dollar before recovering.
  • There is a new connecting bullish trend line forming with support at $96 on the hourly chart of the LTC/USD pair.
  • The pair may correct lower towards the $97-95 area, but it is likely to remain in a range.

Litecoin Price Forecast

There was a minor upside move initiated from the $90 swing low in litecoin price against the US dollar. The LTC/USD pair traded above the $95 and $98 resistance levels to move into a short term bullish zone.

Looking at the chart, the price even traded above the 50% Fib retracement level of the last decline from the $108 high to $88 low. There was even a break above a major resistance at $100.

Litecoin Price Analysis LTC USD

However, the upside move was capped by a crucial resistance near $103 and the 100 hourly simple moving average. The 76.4% Fib retracement level of the last decline from the $108 high to $88 low also acted as a hurdle and prevented gains.

As a result, the price started a short-term downside move and is currently trading below the $100 level. On the downside, there is a new connecting bullish trend line forming with support at $96 on the hourly chart of the LTC/USD pair.

If the price continues to move down, it is likely to find support near the $97 and $95 levels. Below this last, the price may perhaps test the $90 level.

The overall price action is slightly negative below the $100 and $103 resistance levels. However, the $90 support zone is also crucial in the short term. Therefore, the price may perhaps trade in a range for a few sessions before the next move either above $103 or below $90.

The market data is provided by TradingView.

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: [email protected]
Related posts
Litecoin Price Analysis

Litecoin (LTC) Price Analysis: One Final Push Before Higher?

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Dips Remain Attractive To The Bulls

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Next Bullish Leg Underway

Litecoin Price Analysis

Litecoin (LTC) Price Could Extend Losses Before Fresh Climb