Litecoin price declined further yesterday towards $200 against the US Dollar. LTC/USD is currently correcting higher, but it is facing a major resistance near $225.
Key Talking PointsLitecoin price failed to hold the $220 support yesterday and declined towards $200 (Data feed of Kraken) against the US Dollar. There is a short-term bearish trend line forming with resistance at $222 on the hourly chart of the LTC/USD pair. The pair has to break the $222 and $225 resistance levels to gain upside momentum.
Yesterday, we saw a downside reaction in litecoin price from the $250 resistance against the US dollar. The LTC/USD pair was holding the $220 support level, but later the pair declined further and moved towards the $200 level.
It traded close to the $200 level and formed a low near $203. It seems like the pair has moved back in a bearish zone short term below $225 and the 100 hourly simple moving average. I tis currently correcting higher and moved above the 23.6% Fib retracement level of the last decline from the $252 high to $203 low.
However, there are many resistances on the upside near $225. There is also a short-term bearish trend line forming with resistance at $222 on the hourly chart of the LTC/USD pair.