Litecoin News

Litecoin Price Analysis: LTC/USD Upside Surge Continues

Litecoin price extended gains above the $200 level against the US Dollar. LTC/USD is placed nicely above the $220 level for more gains.

Key Talking Points

  • Litecoin price climbed higher and broke the $200 and $220 levels (Data feed of Kraken) against the US Dollar.
  • There is a rising channel forming with support at $225 on the hourly chart of the LTC/USD pair.
  • The pair remains in an uptrend and it seems like it could move further above $235.

Litecoin Price Forecast

In the last analysis, we saw how litecoin price broke a major resistance near $165 and $180 against the US dollar. The LTC/USD pair gained further upside momentum and it was able to move above the $200 and $220 resistance levels.

The upside move was strong as the price moved above the $230 level and formed a high at $236.73. The current bias is positive since the price is now well above the $200 level and the 100 hourly simple moving average.

On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $179.60 low to $236.73 high. It seems like there is a rising channel forming with support at $225 on the hourly chart of the LTC/USD pair.

The channel support at $225 holds a lot of importance in the near term. If the price fails to stay above the $225 support, it could test the 50% Fib retracement level of the last wave from the $179.60 low to $236.73 high.

On the upside, the price may soon break the $235 level and trade further higher. Above $235, the next stop for buyers could be around the $250 level, which is a major hurdle for more gains.

In short, the current price action is positive, and LTC/USD could continue to move higher above $235. On the downside, supports and buy levels are seen at $225, $220 and $210. Below $210, the price may retest the $200 level.

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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