Litecoin Price Analysis: LTC/USD to Resume Downsides

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Litecoin price recovered nicely but faced sellers near $310 against the US Dollar. LTC/USD might decline once again towards the $220 and $200 levels.

Key Talking Points

  • Litecoin price made a nice upside move and traded above the $280 resistance before facing sellers (Data feed of Kraken) against the US Dollar.
  • There are two bearish trend lines forming with current resistance at $280 on the 2-hours chart of LTC/USD pair.
  • The pair might decline once again towards the $220 and $200 support levels.

Litecoin Price Forecast

There was a decent upside move in Litecoin price above the $250 level from the $190 swing low against the US Dollar. The LTC/USD pair moved above the $300 level, but it failed to gain traction above the stated level.

A high was formed at $310 where the price faced a lot of offers. It started a downside move and declined below the $300 level. It broke the 23.6% Fib retracement level of the last wave from the $190 low to $310 high.

Litecoin Price Analysis: LTC/USD to Resume Downsides
Cryptocurrency charts and prices provided by TradingView

On the upside, there are two bearish trend lines forming with current resistance at $280 on the 2-hours chart of LTC/USD pair. These trend lines are acting as a strong hurdle for buyers above $280.

The pair might continue to move down towards the $200 support levels. At the moment, the pair is trading near the 50% Fib retracement level of the last wave from the $190 low to $310 high.

If the pair continues to move down, the $220 support area might act as a support. However, the most important support sits at $200. An intermediate support is around the 61.8% Fib retracement level of the last wave from the $190 low to $310 high at $230.

On the upside, a break above the trend lines and resistance at $280 is needed for litecoin price to move back in the bullish zone. Above $280, the price might test the $300 level once again.

The overall short-term trend is bearish with a chance of a test of $200.

Trade safe traders and do not overtrade!

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