Litecoin Price Analysis: Can LTC/USD Recover Further?
Later, the price started a downside correction and moved below the 23.6% Fib retracement level of the last wave from the $190 low to $193 high.
The downside move seems to be limited by the $180 support and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $181 on the hourly chart of the LTC/USD pair.
Moreover, the 50% Fib retracement level of the last wave from the $190 low to $193 high is near $182 to act as a support. Therefore, it seems like there is a decent support base forming above the $180 level.
On the upside, the $192 and $195 levels are important hurdles. A break above $195 increase chances of litecoin price moving back above $200. Above $200, the next major resistance is near the $225 level.
On the flip side, if the price fails to stay above $180 and the 100 hourly SMA, there could be an extended correction towards the $165-170 zone.
Trade safe traders and do not overtrade!