Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Upsides To Remain Capped

Litecoin Price Analysis LTC USD

Litecoin price fell further and traded below the $90 level against the US Dollar. LTC/USD is currently correcting higher towards the $100 and $103 resistance levels.

Key Talking Points

·       Litecoin price declined sharply and traded as low as $88.87 (Data feed of Kraken) against the US Dollar before recovering.

·       There was a break above a major bearish trend line with resistance at $93 on the hourly chart of the LTC/USD pair.

·       The pair is currently correcting higher and is approaching the $100 and $103 resistance levels.

Litecoin Price Forecast

There was no respite for buyers as litecoin price declined further below $100 against the US dollar. The LTC/USD pair closed below the $100 handle and traded below the $90 support as well.

Looking at the chart, the price traded towards the $88 level and a low was formed at $88.87. The price formed a decent support base and started an upside move above $90. It moved above the 23.6% Fib retracement level of the last drop from the $108 swing to $88 low.

Litecoin Price Analysis LTC USD

More importantly, there was a break above a major bearish trend line with resistance at $93 on the hourly chart of the LTC/USD pair. The pair is currently showing a few positive signs above the $90 level.

However, there are many barriers on the upside around the $100 and $103 levels. Moreover, the 50% Fib retracement level of the last drop from the $108 swing to $88 low is also around the $100 handle to prevent an upside break.

The most significant hurdle for buyers is around the $103 level and the 100 hourly simple moving average. It also coincides with the 76.4% Fib retracement level of the last drop from the $108 swing to $88 low.

Therefore, any major recovery from the current levels may face sellers near the $103 level. On the downside, an initial support is at $90 followed by the $88 swing low. Below this, Litecoin price may test the $85 support level.

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: [email protected]
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