Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Sell Rallies Near $32 and $35

Litecoin price moved into a bearish zone below the $35.00 support. LTC may continue to move down and it may soon test the $28.00 or $26.00 support levels.

Key Talking Points

  • Litecoin price fell sharply this past week and broke the $40.00 and $35.00 supports (Data feed of Kraken) against the US Dollar.
  • There is a short term bearish trend line formed with resistance at $32.00 on the hourly chart.
  • LTC price may correct a few points, but it remains sell near the $32.00 and $34.00 levels.

Litecoin Price Analysis

This past week, there was a sharp downward move from well above $38.00 in litecoin price against the US dollar. The LTC/USD pair broke the $38.00 and $35.00 support levels to move into a bearish zone.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded in a range above the $31.00 level for some time, but late sellers gained control. The price declined below the $31.00 and $30.00 levels and settled well below the 100 hourly simple moving average.

A low was formed at $29.63 and the price is currently correcting higher. It is testing the 23.6% Fib retracement level of the last decline from the $32.81 high to $29.63 low.

On the upside, there are many hurdles near the $31.20 and $32.00 levels. There is also a short term bearish trend line formed with resistance at $32.00 on the hourly chart. Besides, the 50% Fib retracement level of the last decline from the $32.81 high to $29.63 low is near the $31.22 level.

Therefore, if there is an upside correction, the price is likely to struggle near the $31.20 and $32.00 resistance levels. Above the trend line, the next hurdle is near the $32.50 level and the 100 hourly SMA.

Once the current correction is complete, litecoin price is likely to resume its decline below $30.00. If LTC breaks the $29.50 support level, there could be additional declines towards the $28.00 and $26.00 levels. On the flip side, a successful close above $33.20 may open the doors for 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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