Litecoin News

Litecoin Price Analysis: LTC/USD is Showing Negative Signs

Litecoin price struggled to move above the $225 resistance against the US Dollar. LTC/USD is currently trading near the $210-215 support and is showing a few negative signs.

Key Talking Points

  • Litecoin price could not trade above the $225 resistance yesterday (Data feed of Kraken) against the US Dollar.
  • There is a declining channel forming with current resistance at $222 on the hourly chart of the LTC/USD pair.
  • The pair must stay above the $210 level and the 100 hourly simple moving average to avoid further declines.

Litecoin Price Forecast

Yesterday, we discussed about a major support near $225 in litecoin price against the US dollar. The LTC/USD pair made an attempt to break the $225 resistance, but it failed. As a result, there was a downside move and the pair moved below $220.

However, the downside move was protected by the $215 support and the 100 hourly simple moving average. The $211 low is intact and it seems like the price is consolidating above the stated level.

On the upside, the 23.6% Fib retracement level of the last drop from the $260 swing high to $211 low is acting as a resistance. There is also a declining channel forming with current resistance at $222 on the hourly chart of the LTC/USD pair.

The pair may continue to follow the declining channel path with support on the downside at $215 and the 100 hourly SMA. Below $215, the last swing low of $210 is also a major support.

If the pair fails to hold the $210 support, there is a risk of more losses even below the $200 support. Further below the $200 level, the price may perhaps test the $180 level.

On the upside, a break above the channel resistance at $222 is needed. However, the most important resistance is at $225. Above $225, the price may accelerate higher towards the $250 level.

In short, the price is at risk of a downside move if it fails to trade above the $225 resistance.

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 Reach Aayush via email: aayushjindal@ethereumworldnews.com
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