Litecoin Price Analysis

Litecoin (LTC) Price Analysis: One Final Push Before Higher?

Litecoin price failed to break the $85.00 resistance and declined recently against the US Dollar. LTC could test the $72.00 or $70.00 support level before a fresh increase in the near term.

Key Talking Points

  • Litecoin price seems to be struggling below the $80.00 resistance area (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line formed with resistance near the $80.10 level on the 4-hour chart.
  • LTC price could extend losses towards the $72.00 or $70.00 support before buyers might appear.

Litecoin Price Analysis (LTC)

In the past two sessions, there was a downside extension in bitcoin, Ethereum, EOS, ripple, litecoin and other altcoins against the US dollar. The LTC/USD pair failed to break the $85.00 resistance area and recently declined below the $80.00 support area.

Litecoin Price Analysis LTC Chart

Looking at the 4-hour chart, LTC price formed a swing high near $84.14 before it collapsed below the $80.00 support. It settled below the $80.00 support and the 100 simple moving average (4-hour).

It even broke the $75.00 support level and traded as low as $73.50. It is currently consolidating losses and recently traded above the 23.6% Fib retracement level of the last decline from the $84.14 high to $73.50 low.

On the upside, there are many hurdles near the $78.50 and $80.00 levels. There is also a major bearish trend line formed with resistance near the $80.10 level on the 4-hour chart.

Before the trend line, the 50% Fib retracement level of the last decline from the $84.14 high to $73.50 low is likely to act as a strong resistance for buyers in the near term. A proper close above the trend line, $80.00, and the 100 simple moving average (4-hour) is needed for a trend change.

On the downside, the main support is near the $72.00 level, below which litecoin price is likely to extend losses. The next key support is near $68.80, where buyers are likely to take a stand. Overall, LTC could decline further, but dips remain supported above $68.50.

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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