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.
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.