Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Important Uptrend Supports Nearby

Litecoin Price Analysis LTC Chart

Litecoin price made another attempt to clear the $120.00 resistance against the US dollar, but failed. LTC declined sharply and it is currently trading above the key $100.00 support.

Key Talking Points

  • Litecoin price failed on two occasions near the key $120.00 resistance (Data feed of Kraken) against the US Dollar.
  • There was a break below a major bullish trend line with support at $115.00 on the hourly chart.
  • LTC price is currently trading above the $100.00 support and it could recover in the near term.

Litecoin Price Analysis (LTC)

Recently, there was a nasty declined in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair struggled to clear the $120.00 level, resulting in a sharp drop below the $115.00 and $110.00 support levels.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price topped near the $121.02 level and recently declined below the $115.00 support level. There was even a close below the $110.00 level and the 100 hourly simple moving average.

Moreover, there was a break below a major bullish trend line with support at $115.00 on the hourly chart. The pair even broke the $108.00 level and traded as low as $101.92.

The price recovered above the $106.00 level and the 23.6% Fib retracement level of the recent drop from the $121.02 high to $101.92 low. In the short term, there could be range moves above $100.00 before the price recovers above $108.00.

The next key resistance is near the $111.50 level and the 100 hourly simple moving average. However, the previous support area near $115.00 is likely to act as a strong hurdle for the bulls.

On the downside, the main supports are $102.00 and $100.00. If there is a downside break below the $100.00 handle, the price could accelerate losses towards the $92.00 support.

The current price action is bearish, but litecoin price is likely to stay above the $100.00 support area. On the upside, an initial resistance is at $108.00, above which LTC is likely to recover towards the key $115.00 resistance area.

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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