Litecoin Price Analysis: LTC/USD Holding Key Support
Litecoin price is trading above the $205-210 support region against the US Dollar. LTC/USD may trade in a range above $200 before the next move.
Key Talking Points
- Litecoin price is trading with a neutral bias above the $200 level (Data feed of Kraken) against the US Dollar.
- There is a key bullish trend line forming with support at $208 on the hourly chart of the LTC/USD pair.
- On the upside, the pair is facing a major resistance near the $218 and $220 levels.
Litecoin Price Forecast
There was no major move above $220 during the past three days in litecoin price against the US dollar. The LTC/USD pair was able to stay above the $200 handle, which is a positive sign.
The recent low was formed $204.85 from where a minor upside move was initiated. The price traded higher and moved above the 50% Fib retracement level of the last decline from the $218.10 high to $204.85 low.
More importantly, there was a break above the $210 resistance and the 100 hourly simple moving average. However, the upside move was capped by the $214 level. It also failed to break the 76.4% Fib retracement level of the last decline from the $218.10 high to $204.85 low.
A fresh intermediate downside wave was initiated, and the price is currently testing the $210 support and the 100 hourly SMA. On the downside, there is a key bullish trend line forming with support at $208 on the hourly chart of the LTC/USD pair.
The pair may decline a few more points may be towards the $208 and $206 levels. However, any major losses seem to be limited by the $204 swing low. Below the mentioned $204 level, the all-important $200 level is a crucial support.
On the upside, the most important resistance is near $218. Above $218, the next immediate hurdle is at $200. Once there is a proper break above the $220 level, the price could move towards the $240 level.
Trade safe traders and do not overtrade!
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