Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Struggling Near Key Resistance

Litecoin Price Analysis LTC USD

Litecoin price declined towards $115 before it found support against the US Dollar. LTC/USD recovered, but it faced a strong resistance near $124.

Key Talking Points

  • Litecoin price started an upside correction after testing the $115 support zone (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted important bearish trend line with current resistance at $122 acted as a strong hurdle on the hourly chart of the LTC/USD pair.
  • The pair is struggling to move above the $122 and $124 resistance levels.

Litecoin Price Forecast

There were further declines below $120 in litecoin price against the US dollar. The LTC/USD pair declined towards the $115 level where buyers appeared and protected losses.

Looking at the chart, the price formed a decent base at $114.98 and started an upside move. It traded higher with a positive bias and broke the $120 resistance level.

Litecoin Price Analysis LTC USD

During the upside move, there was a break above the 23.6% Fib retracement level of the last decline from the $141.29 high to $114.98 low. However, the upside move faced a very strong resistance near $124.125.

More importantly, yesterday’s highlighted important bearish trend line with current resistance at $122 acted as a strong hurdle on the hourly chart of the LTC/USD pair. The pair failed to move above the $124 resistance and is currently trading lower.

The pair also failed to test the 38.2% Fib retracement level of the last decline from the $141.29 high to $114.98 low. Looking at the current price action, litecoin could make another attempt to break the trend line.

If buyers succeed, the price may perhaps move above $124 and trade towards $130 and the 100 hourly simple moving average. On the flip side, if the price fails to move above $122 and $124, it will most likely retest the $115 support.

Below the mentioned $115 support, LTC/USD may well trade below the $110 level and it could even test the $100 handle in the near term.

The market data is provided by TradingView.

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: [email protected]
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