Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bulls Facing Significant Resistance

Litecoin Price Analysis LTC Chart

Litecoin price extended losses below the $75.40 support zone against the US dollar. LTC traded below the $70.00 level and it is currently correcting higher towards the $74.50 and $75.40 resistances.

Key Talking Points

  • Litecoin price moved into a bearish zone below the $75.40 support area (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line formed with resistance at $75.00 on the hourly chart.
  • LTC price could correct higher, but it is likely to face sellers near $74.50 or $75.00.

Litecoin Price Analysis (LTC)

In the past two sessions, there was a strong decline in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair broke the key $75.40 support area to move into a bearish zone.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price even broke the $74.50 and $72.10 support levels. There was a spike below the $70.00 support and the price settled well below the 100 hourly simple moving average. A new weekly low was formed at $68.77 and the price is currently correcting higher.

It broke the 23.6% Fib retracement level of the last decline from the $79.64 high to $68.77 low. However, on the upside, there are many hurdles for the bulls near the $74.50 and $75.00 levels.

There is also a major bearish trend line formed with resistance at $75.00 on the hourly chart. The trend line coincides with the 100 hourly simple moving average and the 50% Fib retracement level of the last decline from the $79.64 high to $68.77 low.

Therefore, if there is an upward move, litecoin is likely to face a strong selling interest near the $74.50, $75.00 and $75.40 levels. Only a close above the $76.00 level and the 100 hourly SMA could start a decent upward move.

On the other hand, if litecoin price fails to move past the $75.00 resistance area, there could be additional losses. An initial support is at $70.00, below which there is a risk of a sharp drop below the $68.50 level 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]
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