Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Testing Key Support

Litecoin price traded above the $165 level against the US Dollar. LTC/USD failed to hold gains, corrected lower, and is currently testing a major support near $154.

Key Talking Points

  • Litecoin price climbed further higher and traded to a new monthly high near $166 (Data feed of Kraken) against the US Dollar.
  • The LTC/USD pair is currently trading near a major bullish trend line with support at $154 on the hourly chart.
  • The pair should stay above the $154 support area to avoid further declines in the near term.

Litecoin Price Forecast

There was an extension to yesterday’s upside move above the $160 level in litecoin price against the US dollar. The LTC/USD pair traded to a new monthly high at $166.05 before it faced sellers.

Later, a fresh downside correction started and the price moved below the $160 support level. The decline was such that the price even broke the $156-157 support zone. However, the downside move was protected by the $150 support area and the 100 hourly simple moving average.

Litecoin Price Analysis LTC

More importantly, the LTC/USD pair is currently holding a major bullish trend line with support at $154 on the hourly chart. Therefore, as long as the price is above $154 and the 100 hourly SMA, it could bounce back.

On the upside, an initial resistance is near the 38.2% Fib retracement level of the last decline from the $166.05 high to $150.87 low. Additionally, the broken support at $157 may perhaps act as a resistance.

The next hurdle for buyers is near the 50% Fib retracement level of the last decline from the $166.05 high to $150.87 low at $158.50. A successful close above the $158.50 resistance will most likely push the price above the $160 level.

Thus, it all depends on the $154 support and the 100 hourly SMA. If buyers stay in control, litecoin price could bounce back and break the $160 resistance once again.

On the flip side, if there is a downside break below $155 and $152, there might be more slides toward $145 in the near term.

Trade safe traders and do not overtrade!

*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: aayushjindal@ethereumworldnews.com
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