Litecoin Price Analysis: LTC/USD Correcting Lower


Litecoin price is struggling to break the $235 resistance against the US Dollar. LTC/USD is currently forming a range pattern with support near the $210-215 area.

Key Talking Points

  • Litecoin price is facing a lot of sell offers near the $235 level (Data feed of Kraken) against the US Dollar.
  • There is a contracting triangle forming with support at $215 on the hourly chart of the LTC/USD pair.
  • The pair may continue to trade in a range before it makes the next move either above $235 or below $215.

Litecoin Price Forecast

This past week, we saw a nice upward move above $200 in litecoin price against the US dollar. The LTC/USD pair was even able to move above the $220 resistance, but it struggled to gain pace above the $235 resistance level.

The pair formed a high near $235 and started a downside move. It declined below the $220 support and settled below the 100 hourly simple moving average. There was also a break below the 23.6{2325416b18fed861799b4779639365424b814afb9c0c39dbe6e9c8b6a491b862} Fib retracement level of the last upside wave from the $177 low to $236 high.

Litecoin price analysis
Cryptocurrency charts and prices provided by TradingView

However, the downside move was limited as the pair found support near $210. Moreover, the 50{2325416b18fed861799b4779639365424b814afb9c0c39dbe6e9c8b6a491b862} Fib retracement level of the last upside wave from the $177 low to $236 high also acted as a support and prevented further declines.

The pair started consolidating losses and it seems like there is a contracting triangle forming with support at $215 on the hourly chart of the LTC/USD. There could be more ranging moves below $235 until the next move.

On the upside, the triangle resistance is at $230. Before $230, the price has to move above the 100 hourly SMA to gain traction. Once there is a break above the $230 resistance and the 100 hourly SMA, there are chances of more gains in the near term.

On the downside, the price has to stay above the $215 and $210 support levels to avoid further declines toward $200 or $180.

Trade safe traders and do not overtrade!



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