Litecoin News

Litecoin Price Analysis: LTC/USD Remains at a Risk

Litecoin price is trading lower and is currently below $180 against the US Dollar. LTC/USD must stay above the $170 support, otherwise there is a risk of a downside break.

Key Talking Points

  • Litecoin price is under pressure and is currently trading below the $180-182 support (Data feed of Kraken) against the US Dollar.
  • There is a connecting short term bearish trend line forming with resistance at $175 on the hourly chart of the LTC/USD pair.
  • The pair must break the $175 and $180 resistance to avoid further declines in the near term.

Litecoin Price Forecast

There was an increase in selling pressure from the $190 resistance in litecoin price against the US dollar. The LTC/USD pair started a downside move and it broke the $182 and $180 support levels.

It is currently trading well below the 100 hourly simple moving average and $180. It seems like sellers are in control and they push the price further lower towards the $170 support.

Litecoin Price Analysis
The price already tested the $170 support yesterday and formed a low. It recovered a few points, but the 23.6% Fib retracement level of the last drop from the $192 high to $171 low acted as a resistance.

There is also a connecting short term bearish trend line forming with resistance at $175 on the hourly chart of the LTC/USD pair. The pair is currently moving lower and it seems like it could retest $170.

Should the price fails to hold the $170 support, there could further increase in bearish pressures and the price may decline towards $160. On the flip side, if there is a break above the $175 level, the price may test the $180-182 resistance.

The $182 level is significant since it is near the 50% Fib retracement level of the last drop from the $192 high to $171 low. Moreover, the 100 hourly SMA is also around $182. Therefore, $182 could act as a strong resistance.

A close above $182 could initiate a decent recovery, but until then the pair remains at a risk.

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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