Litecoin price is consolidating around $180 ahead of Jerome Powell’s speech and Fed meeting minutes. With the ongoing taper talk, investors are keen on the US central bank’s stand on inflation. Hints at tightening the monetary policy earlier-than-expected may be a bearish catalyst for riskier assets like cryptocurrencies.
Litecoin price technical outlook
LTC/USD is trading sideways around 180 after dropping from its two-and-a-half month high of 189.39 in the previous session. At the time of writing, it was up by 1.61% at 180.96. Since Friday, 180 has been a major resistance-turn-support level. Prior to that, the level was an evasive one since mid-June.
After hitting its lowest level year-to-date at 104.05, Litecoin price is up by 74.61%. On a three-hour chart, it is trading slightly above the 25 and 50-day exponential moving averages. It will likely trade within a tight range as the bulls attempt to retest Monday’s high.
The psychological level of 200 seems attainable in the short-term. However, it is likely to record price swings in the near term. Entry of more buyers will likely have the bulls retesting the resistance level at 189.39. Above that level, the resistance will probably be at 193.30.
On the flip side, a move below the support level at 175.90 may have Litecoin price drop to around 170. If the price declines below the crucial level of 160, the current bullish sentiment is likely to weaken as the crypto returns to the over one-month period when the level was evasive.
