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Litecoin Price Analysis: LTC/USD at Risk of Further Declines

Litecoin Price Chart

Litecoin price is struggling to recovery above $200 against the US Dollar. LTC/USD is currently below $180 and it remains at a risk of more declines in the near term.

Key Talking Points

  • Litecoin price is currently under pressure and is trading below the $180 support (Data feed of Kraken) against the US Dollar.
  • There is a declining channel forming with current resistance at $180 on the hourly chart of LTC/USD pair.
  • The pair may continue to move down and it could test the $165 and $150 support levels.

Litecoin Price Forecast

There was a fresh downside wave initiated in litecoin price from the $216 swing high against the US dollar. The LTC/USD pair declined and moved below a couple of important support levels such as $200 and $180.

The pair even broke the 100 hourly simple moving average to slide towards $160. It traded as low as $165.51 and is currently correcting higher. It traded just above the 23.6% Fib retracement level of the last wave from the $216 high to $165 low.

Litecoin Price Chart

Looking at the hourly chart of LTC/USD, there is a declining channel forming with current resistance at $180. The pair may correct a few points higher, but it won’t be easy to break the $180-185 resistance.

Above $185, the 100 hourly SMA is positioned at $195 to prevent further upsides. Moreover, the 50% Fib retracement level of the last wave from the $216 high to $165 low is at $191.

Therefore, there is a major resistance zone forming around $180-195. As long as the price is below $200 and the 100 hourly SMA, it remains at a risk of more declines.

On the downside, the recent low of $165 is a short-term support. However, the most important support sits at $150-155. The price must stay above $150 to avoid any major increase in selling pressure.

The overall short-term bias is bearish as long as litecoin price is trading below the $200 pivot level.

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
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