Litecoin News

Litecoin Price Analysis: LTC/USD Trimming Weekly Gains

Litecoin price failed to move above the $265 resistance against the US Dollar. LTC/USD broke a major support and moved below the $240 support.

Key Talking Points

  • Litecoin price struggled to move above the $265 resistance and moved down (Data feed of Kraken) against the US Dollar.
  • There was a break below yesterday’s highlighted key bullish trend line with support at $244 on the hourly chart of LTC/USD pair.
  • The pair is now below the 100 hourly simple moving average and the $240 support.

Litecoin Price Forecast

Yesterday, we saw a steady rise in Litecoin price from the $220 swing low against the US Dollar. However, the LTC/USD pair failed to move above the $265 resistance and started a fresh downside wave.

The pair declined below the 23.6% Fib retracement level of the last leg from the $203 low to $265 high. More importantly, there was a break below yesterday’s highlighted key bullish trend line with support at $244 on the hourly chart.

Later, the downside move accelerated and the pair moved below the $240 support and the 100 hourly simple moving average. At the moment, the price is just below the 50% Fib retracement level of the last leg from the $203 low to $265 high.

Therefore, there is a risk of more declines in the near term towards $220. Should litecoin price corrects higher from the current levels, the broken support at $245 is likely to act as a resistance along with the 100 hourly SMA.

Above $245, there is a bearish trend line forming with current resistance at $250 on the same chart. Thus, the $245-250 levels represent a major upside barrier for buyers in the near term.

On the downside, LTC/USD buyers are waiting near $220. The current price action is slightly bearish, but any major slides should be limited by the $220 and $200 support levels.

Once the current correction wave is over, the price will most likely bounce back above $250.

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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