Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bulls Facing An Uphill Task

Litecoin price corrected higher recently, but struggled near the $135.00 resistance. LTC is currently testing the $122.00 support and it remains at a risk of more losses

Key Talking Points

  • Litecoin price is trading well below the $130.00 and $135.00 resistance levels (Data feed of Kraken) against the US Dollar.
  • There are two connecting bearish trend lines forming with resistance near $132.50 on the 4-hours chart.
  • LTC price could extend losses if there is a break below the $122.00 and $120.00 supports.

Litecoin Price Analysis (LTC)

Recently, there were bearish moves in bitcoin, Ethereum, ripple, EOS and Litecoin against the US Dollar. Earlier, the LTC/USD pair started a decent recovery from the $107.14 low. The pair traded above the $122.00 resistance, but it struggled to clear the $135.00 area.

Litecoin Price Analysis (LTC) Chart

Looking at the chart, LTC price traded as high as $136.45 and struggled to settle above the 100 simple moving average (4-hours). Later, there was a fresh decline below the $130.00 support and the price is now trading well below the 100 SMA.

There was a break below the 23.6% Fib retracement level of the upward move from the $107.14 low to $136.45 high. However, the $120.00 and $122.00 support levels are currently acting as buy zones.

Moreover, the 50% Fib retracement level of the upward move from the $107.14 low to $136.45 high is acting as a support. If there is a downside break below the $120.00 support, the price could continue to slide.

An immediate support below $120.00 is near the $118.30 level. If there are more losses, the price could decline towards the $114.00 support area.

On the upside, litecoin is facing a lot of hurdles near the $130.00 and $132.00 levels. There are also two connecting bearish trend lines forming with resistance near $132.50 on the 4-hours chart.

If there is a successful close above both trend lines and the 100 simple moving average (4-hours), litecoin price might start a solid increase towards the $144.00 and $150.00 resistance levels. If not, it remains at a risk of more losses below $120.00.

The market data is provided by TradingView.

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: aayushjindal@ethereumworldnews.com
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