Litecoin price is currently under pressure below $240 against the US Dollar. LTC/USD may continue to move down and it could test the $210 support.
Key Talking Points
Litecoin price struggled to move above the $260 resistance and moved down below $240 (Data feed of Kraken) against the US Dollar.
There is a major bearish trend line forming with resistance at $240 on the hourly chart of LTC/USD pair.
The pair may continue to face sellers and it could even trade towards the $210 support.
Litecoin Price Forecast
We discussed a few bearish signs in the last couple of analysis for Litecoin price as it struggled to move above $260 against the US Dollar. The LTC/USD pair failed to move higher and as a result, there was a downside reaction below the $240 support.
The last leg of the upside recovery faced sellers near the 50% Fib retracement level of the last decline from the $305 high to $226 low. The upside move was also protected by the 100 hourly simple moving average, which is currently at $255.
At present, the price is well below the $250 level and the 100 hourly simple moving average. It seems like there is an increase in the bearish pressure below $240.
On the upside, there is a major bearish trend line forming with resistance at $240 on the hourly chart of LTC/USD pair. The pair would continue to face selling interest near the trend line at $240. Above the trend line, the next major hurdle for buyers is at $250 and the 100 hourly SMA.
On the downside, the initial support is at $225. However, if the current momentum stays intact, there is a chance of an extension towards the $210 level as well. Below $210, there could be a major shift in the trend line for Litecoin.
Overall, there be more declines in LTC/USD toward $210. Should the pair succeed in holding the $210 support, there could be a fresh upside wave toward $260.