Litecoin News

Litecoin Price Analysis: LTC/USD is Struggling to Bounce Back

Litecoin Price Analysis

Litecoin price is holding the $204 support level against the US Dollar. LTC/USD needs to move above the $210-212 resistance to challenge sellers near $218.

Key Talking Points

  • Litecoin price succeeded in holding the $204-205 support zone (Data feed of Kraken) against the US Dollar.
  • There is a short-term bearish trend line forming with resistance at $210 on the hourly chart of the LTC/USD pair.
  • A break above the $210 resistance could push the pair towards the $218 and $220 resistance levels.

Litecoin Price Forecast

There was a minor downside reaction below $210 recently in litecoin price against the US dollar. The LTC/USD pair was not able to stay above the $208 support and declined towards the $204 support.

The recent low formed was $205.96 and the pair is currently correcting higher. It has moved above the 23.6% Fib retracement level of the last drop from the $216.41 high to $205.96 low.

However, there is a major resistance near $210, which is preventing further recoveries. There is also a short-term bearish trend line forming with resistance at $210 on the hourly chart of the LTC/USD pair.

The trend line resistance is close to the 38.2% Fib retracement level of the last drop from the $216.41 high to $205.96 low. Lastly, the 100 hourly simple moving average is positioned near $210.

Therefore, the $210 area could act as a major resistance for the next move in LTC. Once there is a proper break and close above the mentioned $210 resistance, the price may continue to rise towards the next hurdle at $218 and $220.

On the flip side, if the price fails to move above the $210 resistance, it may retest the recent swing low of $205.96. In the mentioned case, the price could even test a crucial support at $204.

The overall bias is slightly bearish as long as the price is below $210. It seems like litecoin is consolidating above the $200 level and is preparing for the next move.

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