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.
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.
