Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Price Trading Near Crucial Juncture

Litecoin price started a major decline from the $140.00 resistance and dropped more than 15%; LTC price trimmed most its gains and it is currently under a lot of pressure, similar to bitcoin.

Key Talking Points

  • Litecoin price topped near the $140.00 level and declined sharply below $125.00 (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line forming with resistance at $114.50 on the hourly chart.
  • LTC price must stay above the $110.00 support to avoid more losses in the near term.

Litecoin Price Analysis (LTC)

Recently, there was a sharp decline in bitcoin, ripple and Ethereum, resulting in bearish moves in Litecoin below $130.00 against the US Dollar. The LTC/USD pair topped near the $140.00 level and recently declined more than 15%.

Litecoin Price Analysis (LTC) Chart

Looking at the chart, LTC price traded as high as $138.21 and it broke the main $130.00 and $125.00 support levels. There was also a close below the $125.00 support and the 100 hourly simple moving average.

It opened the doors for more losses and the price dropped below $110.00. A new weekly low was formed near $106.84 and the price is currently correcting higher.

An initial resistance is near the $114.00 level plus the 23.6% Fib retracement level of the last decline from the $138.21 high to $106.84 low. Moreover, there is a major bearish trend line forming with resistance at $114.50 on the hourly chart.

If there is an upside break above the trend line and the $115.00 level, the price could recover towards the $120.00 level. The next key resistance is near $122.50 and the 50% Fib retracement level of the last decline from the $138.21 high to $106.84 low.

Conversely, if the price fails to move above the $115.00 resistance, it could continue to slide. An immediate support is near the $110.00 level, below which there is a risk of more losses below the $106.50 support area.

Overall, litecoin price is trading near a crucial juncture and as long as it is above the $110.00 support, it could start a decent recovery.

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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