Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Risk Of Further Losses Below $120

Litecoin price started a decent recovery from $112.00, but it failed to gain pace above the $125.00 resistance. LTC price is currently under pressure and it could extend losses vs USD and bitcoin.

Key Talking Points

  • Litecoin price struggled to gain strength above $125.00 and topped near $127.30 (Data feed of Kraken) against the US Dollar.
  • There is a crucial bearish trend line forming with resistance at $123.50 on the hourly chart.
  • LTC price remains at a risk of more losses below the $120.00 support level in the near term.

Litecoin Price Analysis (LTC)

Recently, there was a decent recovery in bitcoin, litecoin and Ethereum against the US Dollar. The LTC/USD pair broke the $120.00 resistance level, but it struggled to gain momentum above the $125.00 resistance.

Litecoin Price Analysis (LTC) Chart

Looking at the chart, LTC price topped near the $127.30 level and recently started a fresh decline. There was a break below the $123.50 support and the 23.6% Fib retracement level of the last wave from the $112.16 low to $127.30 high.

Moreover, the price traded below the $120.50 support and the 100 hourly simple moving average. It even broke a key connecting bullish trend line with support near $122.00 on the hourly chart.

It is now trading below the $120.00 level and the 50% Fib retracement level of the last wave from the $112.16 low to $127.30 high. It seems like there could be more losses below the $120.00 and $118.00 support levels in the near term.

The main supports are near the $113.50 and $112.00 levels. On the upside, there is a strong resistance forming near $125.00. There is also a crucial bearish trend line forming with resistance at $123.50 on the same chart.

Therefore, a proper close above the $124.00 and $125.00 levels is needed for a decent rise in litecoin price in the near term. If LTC/USD continues to struggle below $125.00, there could be more losses below the $118.00 and $115.00 support levels in the near term. The price may even test the $110.00 support.

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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