Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Decision Time for Buyers

Litecoin price declined recently and tested the $30.00 support against the US Dollar. LTC is now approaching the next significant break, most likely above $33.00.

Key Talking Points

  • Litecoin price declined and tested the key $30.00 support recently (Data feed of Kraken) against the US Dollar.
  • There is a crucial bearish trend line in place with resistance at $32.00 on the 4-hour chart.
  • LTC price is likely preparing the next significant break either above $33.00 or towards $25.00.

Litecoin Price Analysis and Forecast

After a solid upward move above the $40.00 level, litecoin price started a fresh decline against the US dollar. The LTC/USD pair traded below the $38.00 and $35.00 support levels to move into a bearish zone.

Litecoin Price Analysis LTC Chart

Looking at the 4-hour chart, LTC price topped near the $41.14 level and later tumbled below the $35.00 support and the 100 simple moving average (4-hour). There was even a break and close below the $33.00 support area.

The price tested the $30.00 support and a low was formed at $29.60. Later, the price corrected higher and traded above the $31.00 and $32.00 levels. However, the upward move was capped by the 23.6% Fib retracement level of the last drop from the $41.14 high to $29.60 low.

More importantly, there is a crucial bearish trend line in place with resistance at $32.00 on the 4-hour chart of LTC/USD. The current price action suggests that the next move is approaching, which could be either above $32.00-33.00 or below $30.00.

If there is an upside break above $32.00 and $33.00, the price could recover towards $35.00. It represents the 50% Fib retracement level of the last drop from the $41.14 high to $29.60 low. The next major resistances are $38.40 and $40.00.

On the other hand, it litecoin price fails to gain traction, it could break the $30.00 and $29.60 supports. In the mentioned bearish scenario, LTC could decline towards the next support at $27.50. The main support could be $25.00 where buyers are likely to emerge.

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: aayushjindal@ethereumworldnews.com
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