Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Sellers In Control Below $33

Litecoin Price Analysis LTC Chart

Litecoin price failed to break the $33.00 resistance and declined recently. LTC is currently trading above $30.00 and recoveries towards $32.00 or $33.00 could face sellers.

Key Talking Points

  • Litecoin price failed once again to clear the $33.00 and $33.20 resistances (Data feed of Kraken) against the US Dollar.
  • There was a break below a major bullish trend line with support at $31.50 on the hourly chart.
  • LTC price is currently consolidating above $30.00, but it remains at a risk of more losses towards $28.00.

Litecoin Price Analysis

In the last litecoin analysis, we discussed above the next key break in LTC price against the US dollar. The LTC/USD pair failed to gain bullish momentum above the $33.00 resistance, resulting in a bearish zone.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price topped near the $33.05 level and traded below the $32.00 and $31.00 support levels. There was even a close below the $31.50 support level and the 100 hourly simple moving average.

Moreover, there was a break below a major bullish trend line with support at $31.50 on the hourly chart, opening the doors for more losses. The price traded close to the $30.00 support level and a new intraday low was formed at $30.33.

At the moment, there is a short term contracting triangle formed, with resistance at $30.80 on the same chart. Above the triangle, the 23.6% Fib retracement level of the recent decline from the $33.03 high to $30.33 low is at $30.97.

Therefore, a break above $31.00 is needed for a short term recovery. The next key resistance is near $31.50, the 100 hourly simple moving average, and the 50% Fib retracement level of the recent decline from the $33.03 high to $30.33 low.

To start a fresh upward move towards the $33.00 resistance, litecoin price must move past the $31.50 resistance and the 100 hourly SMA. If LTC buyers fail to clear the mentioned resistance, there is a risk of a downside break below the $30.00 and $29.50 support levels. The next main support is at $28.00 and $27.50.

The market data is provided by TradingView.

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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
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