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Litecoin Price Analysis: LTC/USD Retreats From $160-165

Litecoin Price Analysis: LTC/USD Retreats From $160-165

Litecoin price traded higher and tested the $165 resistance against the US Dollar. LTC/USD found sellers and is currently trading lower towards $145.

Key Talking Points

  • Litecoin price gained upside momentum and traded above the $160 level (Data feed of Kraken) against the US Dollar.
  • There was a break below an ascending channel with support at $158 on the hourly chart of the LTC/USD pair.
  • The pair is likely to trade lower in the short term towards the $145 and $140 support levels.

Litecoin Price Forecast

Yesterday, we discussed that litecoin price could trade above the $150 level against the US dollar. The LTC/USD pair even traded above the $160 resistance, but it was not able to retain momentum above the stated level.

A high was formed near $163.66 and it seems like the $160-165 resistance zone once again prevented gains. The pair moved down and broke the 23.6% Fib retracement level of the last wave from the $140.90 low to $163.66 high.

The most important break was below an ascending channel with support at $158 on the hourly chart of the LTC/USD pair. It has opened the doors a fresh downside wave from $163.66.

The pair is currently trading near the $155 level and the 100 hourly simple moving average. It could soon break the $150 level and trade further lower. An immediate support is around the 50% Fib retracement level of the last wave from the $140.90 low to $163.66 high.

However, if the recent break is true, there is a chance that litecoin price may retest the $145 support level. Below the $140 support, the price could even retest the last swing low of $140.90, which is a major support area.

On the upside, an initial resistance is near the $158-160 level. Above $160, LTC/USD could once again attempt to move above the $165 level. In the short term, the price could decline and retest the $145 support level, followed by a test of $140.00.

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
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