Litecoin News

Litecoin Price Analysis: LTC/USD’s Big Picture

Litecoin price is struggling to hold ground above the $210 support against the US Dollar. LTC/USD remains at a risk of more losses towards or below $200.

Key Talking Points

  • Litecoin price completed an upside correction around the $300 level (Data feed of Kraken) against the US Dollar.
  • The LTC/USD is currently trading below a major triangle support at $240 on the 4-hours chart of LTC/USD pair.
  • The pair has to move above the $290 level to move back in the bullish zone in the medium term.

Litecoin Price Forecast

Yesterday, we discussed how litecoin price was at risk of more losses toward $210 against the US dollar. The LTC/USD pair is currently trading below the $250 level and is struggling to gain traction above the mentioned level.

Let’s study the 4-hours chart of LTC/USD to understand the current price action. There was a major drop from the $368 high to $182. Later, the price started an upside correction and moved above the $250 level and the 50% Fib retracement level of the last decline from the $368 high to $182 low.

However, the upside move was capped by the $300 level. There were two attempts to break the $300 level, but buyers failed to move the price further higher. Furthermore, the 61.8% Fib retracement level of the last decline from the $368 high to $182 low also prevented upsides.

The pair struggled and it recently traded below an important triangle support at $240. The current price action is negative below the $250 level and the 100 simple moving average (4-hours).

If the recent triangle break is real, there is a chance of a downside acceleration toward $180 in the near term. An intermediate support is at $210, which prevented declines on many occasions.

On the upside, the triangle resistance trend line is intact at $290. LTC/USD has to trade above the $290-300 levels to move back in the bullish zone in the medium term. In the short term, there is a risk of more losses in litecoin price toward $210 and $180.

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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