August 20, 2018

Litecoin Price Analysis: LTC/USD Remains at a Risk

This Is A Paid-For Submitted Press Release. Cryptoboard Does Not Endorse, Nor Is Responsible For Any Material Included Below And Isn’t Responsible For Any Damages Or Losses Connected With Any Products Or Services Mentioned In The Press Release. Cryptoboard Urges Readers To Conduct Their Own Research With Due Diligence Into The Company, Product Or Service Mentioned In The Press Release.

Litecoin Price Analysis: LTC/USD Remains at a Risk

Litecoin price is under pressure below the $165 resistance against the US Dollar. LTC/USD is moving lower and it could even break the $155 support if sellers remain in control.

Key Talking Points

  • Litecoin price extended its decline and is currently below the $165 resistance (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted bearish trend line with current resistance at $162 is acting as a barrier on the hourly chart of LTC/USD pair.
  • The pair might continue to decline and it could even break the $155 support area in the near term.

Litecoin Price Forecast

Yesterday, we saw a fresh start to a downside move from $180 in litecoin price against the US dollar. The LTC/USD pair declined towards $155 and it later recovered. The pair traded above the $160 level, but the upside move was capped.

Both the previous support levels – $165 and $170 acted as a resistances and prevented upsides. There was no close above the 38.2% Fib retracement level of the last leg down from the $177 high to $155 low.

Litecoin Price Analysis: LTC/USD Remains at a Risk
Cryptocurrency charts and prices provided by TradingView

Most importantly, yesterday’s highlighted bearish trend line with current resistance at $162 is acting as a barrier on the hourly chart of LTC/USD pair. The trend line resistance is a major hurdle for an upside push above $180 in the near term.

Moreover, the 50% Fib retracement level of the last leg down from the $177 high to $155 low at $166.32 is also a key resistance for an upside recovery toward the $180 level.

The pair is currently moving down and is heading towards the most important support at $155. Should the price fail to stay above the mentioned $155 support, there could be more slides toward the $130 level in the near term.

On the upside, litecoin buyers need to surpass sell offers near the $165 and $170 resistance levels. Above the last $170 resistance, the price may retest the $180 pivot level, followed by the all-important $200.

Trade safe traders and do not overtrade!

The post Litecoin Price Analysis: LTC/USD Remains at a Risk appeared first on Ethereum World News.