Litecoin price analysis: LTC/USD retraces from 61.8% FIbo amid general crypto correction
- Litecoin enters the correction phase, but the trend remains bullish.
- LTC needs to move above 61.8% FIbo at $165.00.
Litecoin has been moving in lockstep with Bitcoin and other altcoins for some time now. The sixth largest cryptocurrency with market value nearly $9B touched the highest level since the end of March at $165.94 before reversing all Tuesday gains to trade at $155.37, below the psychologically important $160.00 handle.
The bulls faced tough resistance created by 61.8% FIbo at $165.00 and 100-SMA (daily chart) now at $167.00, while fresh selling interest clustered around that area, triggered the downside correction, intensified by general sell-off on cryptocurrency markets. Litecoin hasn't traded above 100-SMA since the beginning of March, which means it is going to be a tough nut to crack.
The next upside target is seen at $180.00 with the ultimate bullish goal at $200.00, though, considering the market momentum, we are going to see consolidation.
On the intraday level, the downside stopped at the upside trendline visible on the hourly chart. As long as this line currently at $150.00 remains unbroken, bulls are in control. Once it is cleared, the focus will shift onto $147.00.
LTC/USD, the hourly chart
Author
Tanya Abrosimova
Independent Analyst
