Key Talking Points
- Litecoin price is currently consolidating losses above the $170 level (Data feed of Kraken) against the US Dollar.
- There is a contracting triangle forming with resistance at $192 on the hourly chart of the LTC/USD pair.
- The pair must stay above the $170 support, else there is a risk of a downside break.
Litecoin Price Forecast
There was no upside break above the $190 and $195 resistance levels yesterday in litecoin price against the US dollar. The LTC/USD pair declined and moved below the $180 support.
The pair also settled below the $180 level and the 100 hourly simple moving average, which is a bearish sign. The recent low formed was at $173.93 and the price is currently trading in a range.
It seems like the price is consolidating losses above the $170 level, but it is also facing many hurdles on the upside. An initial resistance is around the 38.2% Fib retracement level of the last decline from the $192.80 high to $173.93 low.
The $181 level is also near the 100 hourly SMA. Therefore, the $180-181 zone is a crucial barrier for the current wave. Above $181, the price may even break the 50% Fib retracement level of the last decline from the $192.80 high to $173.93 low.
At the moment, it seems like there is a contracting triangle forming with resistance at $192 on the hourly chart of the LTC/USD pair. The pair could rise above $180 and $185, but it won’t be easy for buyers to push the price above $192.
On the downside, the $170 support holds a lot of importance. A break below the $170 level could spark fresh losses towards the $155 level.
Overall, the price may continue to consolidate above the $170 level before it makes the next move.
Trade safe traders and do not overtrade!