Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Showing Of More Losses Below $100

Litecoin price started a major decline below the $112 and $110 support levels. LTC is currently under pressure and it seems like there could be more losses below the $100 level.

Key Talking Points

  • Litecoin price formed a major top near the $120 level and declined heavily (Data feed of Kraken) against the US Dollar.
  • There was a break below a major bullish trend line with support at $112.00 on the hourly chart.
  • LTC price is currently trading near the $100.00 support and it could continue to decline in the near term.

Litecoin Price Analysis (LTC)

Recently, there was a major drop in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair failed to stay above the $112.00 and $110.00 support levels, resulting in a drop below the $105.00 support.

Litecoin Price Analysis (LTC)

Looking at the chart, LTC price gained bearish momentum below the $105.00 support area. There was even a close below $110.00 level and the 100 hourly simple moving average.

Moreover, there was a break below a major bullish trend line with support at $112.00 on the hourly chart. The pair even traded below the 23.6% Fib retracement level of the last major wave from the $84.00 low to $122.10 high.

The price is showing a lot of bearish signs and it is currently trading near the $102.00 level plus the 50% Fib retracement level of the last major wave from the $84.00 low to $122.10 high.

An immediate support is near the $100.00 level, below which the price could continue to move down. If there is a close below $100.00, Litecoin price is likely to accelerate lower towards the $94.00 level. The 76.4% Fib retracement level of the last major wave from the $84.00 low to $122.10 high is also near $94.00 level.

Conversely, if there is an upside correction, the previous support near the $106.00 and $108.00 levels are likely to act as strong hurdles. Only a close above $110.00 might start a major upward move in the near term.

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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