Key Talking Points
- Litecoin price was not able to recover and declined below the $160 support before recovering (Data feed of Kraken) against the US Dollar.
- There was a break above a short-term connecting bearish trend line with resistance at $155 on the hourly chart of the LTC/USD pair.
- The pair is correcting higher towards the $160 and $170 resistance levels.
Litecoin Price Forecast
There was no respite for buyers as litecoin price did not move above the $180 level against the US dollar. The LTC/USD pair declined sharply and broke a major support at $175.
It initiated a major decline and the price even broke the $160 support to move into a bearish zone. LTC is now trading well below the $180 level and the 100 hourly simple moving average.
It traded as low as $149.96 and is currently correcting higher. The price has moved above the 23.6% Fib retracement level of the last decline from the $169 high to $149 low. Moreover, there was a break above a short-term connecting bearish trend line with resistance at $155 on the hourly chart of the LTC/USD pair.
The pair is currently making a decent upside recovery above $150, but it is facing many hurdles on the upside. The first hurdle is near $160, which was a support earlier. It also represents the 50% Fib retracement level of the last decline from the $169 high to $149 low.
Above $160, the price could face a strong selling interest near $170. Therefore, any major recovery from the current levels is likely to face hurdles on the upside near $160 and $170.
On the downside, the $150 support holds the key. A break below the mentioned $150 support could initiate more declines towards the $135-140 support area in the near term.
Trade safe traders and do not overtrade!