Litecoin Price Analysis: LTC/USD Consolidates above $170?

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Litecoin price is trading in a range above the $170 level against the US Dollar. LTC/USD may rise in the short term, but it is facing sellers near $185 and $195.

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.

Litecoin Price Analysis

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!

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