Litecoin (LTC) Price Analysis: Risk Of Further Losses Before Rebound
Litecoin price struggled to break the $50.00 resistance and declined recently against the US dollar. LTC could extend losses towards $44.00 before it could bounce back in the near term.
Key Talking Points
Litecoin price topped just below the $50.00 resistance and declined (Data feed of Kraken) against the US Dollar.
There was a break below a major bullish trend line with support at $48.00 on the hourly chart.
LTC price remains at a risk of more losses towards the $45.00 and $44.00 support levels.
Litecoin Price Analysis (LTC)
After a steady rise above the $45.00 resistance, litecoin price faced sellers near the $50.00 level against the US dollar. The LTC/USD pair started a major decline and broke the $47.50 support level to move into a bearish zone.
Looking at the chart, LTC price failed to climb above the $49.50 and $50.00 resistances. A swing high was formed at $49.11 and later the price started a downward move. It broke the $48.00 support and the 23.6% Fib retracement level of the last wave from the $42.36 low to $49.11 high.
Moreover, there was a break below a major bullish trend line with support at $48.00 on the hourly chart. It opened the doors for more losses below the $47.00 level and the 100 hourly simple moving average.
The price is currently trading with a bearish angle below $47.50 and it could extend losses towards the $45.00 support. It coincides with the 61.8% Fib retracement level of the last wave from the $42.36 low to $49.11 high.
However, the main support is near the $44.00 level, below which the price may perhaps decline towards the $42.35 swing low. On the upside, an initial resistance is near the $47.00 level and the 100 hourly SMA. To move into a positive zone, the price must surpass the $48.00 resistance zone.
Overall, litecoin price is under pressure below $48.00 and recent bearish moves in Ethereum, ripple, bitcoin, binance coin, EOS, and bitcoin cash could increase selling pressure on LTC in the coming sessions.