Litecoin News

Litecoin Price Analysis: LTC/USD Slides Toward $150

Litecoin price declined further and moved below the $175 support against the US Dollar. LTC/USD tested the $150 level and it currently in a bearish zone.

Key Talking Points

  • Litecoin price is struggling to recover after an hourly close below the $200 support (Data feed of Kraken) against the US Dollar.
  • There are two bearish trend lines forming with current resistance at $188 on the hourly chart of LTC/USD pair.
  • There are two important resistances forming near $200 and $220 on the upside.

Litecoin Price Forecast

There were further declines noted in litecoin price as it failed to hold the $200-220 support area against the US dollar. The LTC/USD pair fell below the $175 low as well, and traded toward the $150 level. A new monthly low was formed at $151.22 and the price is currently placed in bearish zone below the 100 hourly simple moving average.

A minor correction is underway from the $151.22 low. It has moved above the 23.6% Fib retracement level of the last decline from the $247 high to $151 low.

However, there are many resistances on the upside near the $190, $200 and $220 level. An initial barrier is around are two bearish trend lines forming with current resistance at $188 on the hourly chart.

Above the trend lines, the 50% Fib retracement level of the last decline from the $247 high to $151 low is at $199.58 to act as the next major hurdle for buyers. However, the most important resistance is at $220.

The stated $220 level was a support earlier and now it could stop upsides in litecoin price. Only a successful close above the $220 resistance and the 100 hourly simple moving average may possibly negate the current bearish structure.

On the downside, an initial support is around the $160 level, followed by the $150 swing low. Should there be further declines below $150, the price will most likely accelerate losses toward $120.

The overall bias is bearish and buyers should be careful chasing the market as long as LTC/USD is below $220.

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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