Litecoin News

Litecoin Price Analysis: LTC/USD in Trouble

Litecoin price is under a lot of pressure and declined below $215 support against the US Dollar. LTC/USD is likely to extend declines toward the $175 level.

Key Talking Points

  • Litecoin price faced a lot of selling pressure and failed to stay above the $230 support (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted connecting bearish trend line with resistance at $260 is intact on the hourly chart of LTC/USD pair.
  • The pair is heading lower towards the next major support at $175.

Litecoin Price Forecast

The past few sessions were bearish on litecoin price as it moved below the $230 support area against the US dollar. The LTC/USD pair faced a lot of bearish pressure as it even failed to hold a major support area at $215, and it is currently well below the 100 hourly simple moving average.

Recently, the market turned bearish on all cryptocurrencies, which pushed litecoin price below $215. The price is currently testing the 1.236 Fib extension of the last wave from the $215 low to $279 high.

Litecoin Price Chart

However, it seems like the $200 handle would fail to hold the current decline. Should the current bearish pressure remains intact, the price could trade toward the $175 level. The mentioned $175 level is near the 1.618 Fib extension of the last wave from the $215 low to $279 high.

On the upside, an initial resistance is around the $230 level. The stated $230 level was as support earlier, and now it could prevent upsides. Moreover, yesterday’s highlighted connecting bearish trend line with resistance at $260 is intact on the hourly chart.

An intermediate resistance is around the $240 level and the 100 hourly SMA. It seems like there is a major bearish zone forming around the $230 and $260 levels.

As long as litecoin price is below the $260 level, it remains in a bearish zone. On the downside, the mentioned $175 support should hold declines in the current wave.

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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