Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Under Pressure Below $150

Litecoin price declined towards the $140 level against the US Dollar. LTC/USD remains under pressure and it could extend declines towards $135-138.

Key Talking Points

  • Litecoin price declined and traded below the $145 support level (Data feed of Kraken) against the US Dollar.
  • There is a key connecting bearish trend line formed with resistance at $147 on the hourly chart of the LTC/USD pair.
  • The pair may struggle to move above $147-148, and it could decline further towards $135.

Litecoin Price Forecast

There was no upside recovery during the past two sessions in litecoin price above $150 against the US dollar. The LTC/USD pair settled below the $150 level and even broke the $145 support.

It traded as low as $141.96 and is currently well below the 100 hourly simple moving average. These are negative signs and suggests that the price remains at a risk of more declines as long as it is below $150.

Litecoin Price Analysis
On the upside, the 23.6% Fib retracement level of the last decline from the $166.21 high to $141.96 low is a major barrier. Moreover, there is a key connecting bearish trend line formed with resistance at $147 on the hourly chart of the LTC/USD pair.

Should the pair succeeds in breaking the $147-148 resistance zone, there is a chance of it moving above $150. However, there is another significant barrier waiting to prevent gains near $153.50 and the 100 hourly simple moving average.

More importantly, the 50% Fib retracement level of the last decline from the $166.21 high to $141.96 low is also near $154.00. Therefore, it seems like there are many hurdles on the upside above $150.

If the price starts an upside recovery, a close above $150 may help buyers in the near term. On the other hand, if litecoin buyers fail to move the price above $148 and $150, there could be more declines.

A break below the recent low of $141.96 may open the doors for a push towards $138 and $135.

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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