Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bearish U-Turn, Can $30 Hold Losses?

Litecoin Price Analysis LTC Chart

Litecoin price declined heavily from well above $40.00. The recent decline in bitcoin, Ethereum, EOS and tron impacted LTC’s market sentiment towards $30.00.

Key Talking Points

  • Litecoin price declined more than 20% from well above the $40.00 level (Data feed of Kraken) against the US Dollar.
  • There was a break below a crucial bullish trend line with support at $38.50 on the hourly chart.
  • LTC price remains at a risk of more losses, but the $30.00 support may protect further slides.

Litecoin Price Analysis

This past week, we saw a solid upward move above the $38.00 resistance in litecoin price against the US dollar. The LTC/USD pair even broke the $40.00 barrier and traded close to the $41.50 level.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded as high as $41.13 and later started a downward move. Recently, sellers gained control and pushed the price below the $40.00 and $38.00 support levels.

Sellers pushed the price below the $35.00 support and the 100 hourly simple moving average. Besides, there was a break below a crucial bullish trend line with support at $38.50 on the hourly chart. It opened the doors for more losses below $34.00.

The price traded below the 61.8% Fib retracement level of the last wave from the $30.97 low to $41.13 high. The current price action is super bearish below $34.00 and the 76.4% Fib retracement level of the last wave from the $30.97 low to $41.13 high.

Therefore, there is a risk of more losses below the $32.00 support. The next major support is at $30.00, below which the price may extend losses towards $28.00. On the upside, an initial resistance is at $34.30, above which the price may test $35.00.

Overall, litecoin price clearly moved back in a bearish zone below $38.00 and $36.00. If sellers remain in action, there are chances of further losses below $32.00 and $30.00. On the flip side, LTC must move back above $38.00 to gain bullish traction in the near term.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]