Litecoin News

Litecoin Price Analysis: LTC/USD Remains at Risk

Litecoin price failed to hold the $155 support and declined against the US Dollar. LTC/USD remains at a risk of more losses as long as it is below $150.

Key Talking Points

  • Litecoin price struggled to move higher and declined below a major support at $155-150 (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line forming with resistance at $155 on the hourly chart of the LTC/USD pair.
  • The pair may continue to move down and it could even break the recent low of $137 in the near term.

Litecoin Price Forecast

There was no upside move in litecoin price above the $165 resistance against the US dollar. The LTC/USD pair started a downside move and traded below the $155 and $150 support levels.

The downside move was substantial as the price even broke the $140 level. Now, the price is well below the $150 level and the 100 hourly simple moving average. There is a minor correction underway from the $137 low.

Litecoin Price Analysis

An initial resistance is around the 23.6% Fib retracement level of the decline from the $163 high to $137 low. Any major upsides are likely to be capped since there are many hurdles on the upside near the $150 and $155 levels.

The stated levels were supports previously and now they will protect gains above $155. Moreover, there is a major bearish trend line forming with resistance at $155 on the hourly chart of the LTC/USD pair.

Furthermore, the 50% Fib retracement level of the decline from the $163 high to $137 low is positioned near the $150 level. Therefore, the $150 level may perhaps stop the current upside wave.

On the downside, the recent low of $137 is a short-term support. A break and close below the mentioned 137 level could open the doors for more losses towards $125.

Overall, the current price action is bearish below $150 and litecoin price will most likely continue moving lower in the near term.

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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