Litecoin Price Analysis: LTC/USD Extending Recovery

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Litecoin price is slowly moving higher and is currently above $180 against the US Dollar. LTC/USD is likely to continue moving higher towards the $200 level.

Key Talking Points

  • Litecoin price is slowly recovering and is placed above the $165 and $180 supports (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted short-term ascending channel with current support at $180 is intact on the hourly chart of LTC/USD pair.
  • The pair is likely to grind higher and test the $200 and $220 resistance levels in the near term.

Litecoin Price Forecast

There was a decent bullish price forming above the $180 support in litecoin price against the US dollar. The LTC/USD pair is following a positive bias and it could continue to remain supported on the downside above $180 and $165.

Litecoin Price Analysis
Cryptocurrency charts and prices provided by TradingView

The last low was around $165 and since then the price has moved higher in 5-waves. It traded above the $180 resistance and the 23.6% Fib retracement level of the last crucial decline from the $216 high to $165 low.

However, the 100 hourly simple moving average is acting as a major hurdle and prevented gains on many occasions near $188 and $184. At the moment, the 38.2% Fib retracement level of the last crucial decline from the $216 high to $165 low is acting as a resistance and stopping further upsides.

More importantly, yesterday’s highlighted short-term ascending channel with current support at $180 is intact on the hourly chart of LTC/USD pair. The pair may continue to follow the channel, but it has to break the $188-190 resistance and settle above the 100 hourly SMA to gain traction.

The current price action is positive as long as litecoin is trading above the channel support at $180. Should there be a break below $180, the price may retest the last swing low of $165.

On the upside, a break above the channel resistance at $190-192 could open the doors for a test of $200. Above $200, LTC/USD may test the last swing high of $216.

Trade safe traders and do not overtrade!

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