Litecoin Price Analysis

Litecoin (LTC) Price Could Extend Losses Before Fresh Climb

Litecoin price started a sharp downward move from well above $90.00 against the US dollar. LTC declined below the $88.00 and $80.00 support levels to move into a short term bearish zone.

Key Talking Points

  • Litecoin price declined sharply below the $88.00 support area (Data feed of Kraken) against the US Dollar.
  • There was a break below a major ascending channel with support at $88.50 on the hourly chart.
  • LTC price even broke the $80.00 support and traded close to the $75.00 support area.

Litecoin Price Analysis (LTC)

In the past few hours, there was a strong downward move in bitcoin, Ethereum, EOS, litecoin and ripple against the US Dollar. The LTC/USD pair broke the key $88.00 and $85.00 support levels to move into a short term bearish zone.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price formed a swing high at $92.49 and recently declined sharply. It broke the $88.00 and $85.00 support levels, plus settled well below the 100 hourly simple moving average.

The decline was initiated after there was a break below a major ascending channel with support at $88.50 on the same chart. Later, the price broke the $80.00 support area and traded as low as $75.60.

It is currently consolidating losses and traded inside a declining channel with resistance at $79.00. The 23.6% Fib retracement level of the last decline from the $92.49 high to $75.60 low is also near the $79.60 to act as a strong resistance.

If there is a break above the $80.00 resistance, the price could bounce back towards the $85.00 resistance. Besides, the price may test the 50% Fib retracement level of the last decline from the $92.49 high to $75.60 low.

On the other hand, if the price fails to recover above $80.00, there could be a fresh decline below the $75.60 and $75.00 support levels.

The main support for litecoin price is near the $72.00 level, where buyers are likely to appear. Once the current correction wave is complete either near $75.00 or $72.00, LTC price could bounce back above $80.00 and $85.00.

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: [email protected]
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