Litecoin News

Litecoin Price Analysis: LTC/USD to Retest $210?

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.

Trade safe traders and do not overtrade!

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
Sign up for our Newsletter