Litecoin Price Analysis: Can LTC/USD Recover Further?
Litecoin price recovered nicely from the $160 swing low against the US Dollar. LTC/USD is currently trading in a range above the $180 support.
Key Talking Points
- Litecoin price succeeded in holding losses below $155 and recovered (Data feed of Kraken) against the US Dollar.
- There is a key bullish trend line forming with support at $181 on the hourly chart of the LTC/USD pair.
- The pair must break the $192-195 resistance area to continue its upside move.
Litecoin Price Forecast
After a major decline, there was a decent support formed near $160 in litecoin price against the US dollar. The LTC/USD pair traded as low as $158 and started an upside move. It traded higher and broke the $175 and $180 resistance levels.
The upside move was strong as the price even managed to settle above the $180 level and the 100 hourly simple moving average. It even moved a few points above $190 and formed a high at $193.70.
Later, the price started a downside correction and moved below the 23.6% Fib retracement level of the last wave from the $190 low to $193 high.
The downside move seems to be limited by the $180 support and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $181 on the hourly chart of the LTC/USD pair.
Moreover, the 50% Fib retracement level of the last wave from the $190 low to $193 high is near $182 to act as a support. Therefore, it seems like there is a decent support base forming above the $180 level.
On the upside, the $192 and $195 levels are important hurdles. A break above $195 increase chances of litecoin price moving back above $200. Above $200, the next major resistance is near the $225 level.
On the flip side, if the price fails to stay above $180 and the 100 hourly SMA, there could be an extended correction towards the $165-170 zone.
Trade safe traders and do not overtrade!
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