Key Talking Points
- Litecoin price failed to correct higher substantially and declined below $180 (Data feed of Kraken) against the US Dollar.
- There is a new connecting bearish trend line forming with resistance at $176 on the hourly chart of the LTC/USD pair.
- The pair is currently correcting higher, but it could face sellers near the $170 and $176 levels.
Litecoin Price Forecast
There was no relief for buyers as litecoin price failed to correct above the $200 level against the US dollar. The LTC/USD pair continued to decline and even broke the $190 and $180 support levels to move further into a bearish zone.
It even traded a few points below the $160 level and formed a low at $158.97. At the moment, the price is correcting higher and is trading around the 23.6% Fib retracement level of the last drop from the $188.5 high to $158.9 low.
On the upside, there are many barriers for buyers near the $175 level. There is also a new connecting bearish trend line forming with resistance at $176 on the hourly chart of the LTC/USD pair.
Moreover, the 50% Fib retracement level of the last drop from the $188.5 high to $158.9 low is around the $173.9 level. More importantly, the previous support at $175 may now act as a resistance.
Therefore, if the price corrects higher from the current levels, it could face a solid selling interest near the $175 level. If at all buyers succeed in pushing the price above $175, the next resistance is at $200.
On the downside, the recent low near $158 is a short term support. However, I think if the current pressure remains intact, the price may even trade towards the $150 level. The mentioned $150 level is a major support where buyers may emerge in the short term.
Trade safe traders and do not overtrade!