Litecoin Price Analysis

Litecoin Price Analysis: Can LTC/USD Bounce Back Above $54?

Litecoin Price Analysis LTC Chart

Litecoin price faced an increased selling pressure and declined below $52.70 against the US Dollar. LTC/USD may continue to decline and it could even break the $51.70 support

Key Talking Points

  • Litecoin price is currently under pressure below the $53.00 and $52.70 levels (Data feed of Kraken) against the US Dollar.
  • There was a break below a major bullish trend line with support at $53.80 on the hourly chart of the LTC/USD pair.
  • LTC price might find support near the $51.50-51.70 zone for a short term recovery.

Litecoin Price Forecast

There was no major recovery in litecoin price above the $54.00 resistance against the US dollar. The LTC/USD pair extended its decline and broke the $52.80 support area as well.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price started a downside correction from the $56.35 high and declined below the $54.00 and $52.80 support levels. There was even a close below the $53.50 level and the 100 hourly simple moving average.

The recent decline was such that the price even broke the 61.8% Fib retracement level of the last major upside from the $50.27 low to $56.35 high. Besides, there was a break below a major bullish trend line with support at $53.80 on the hourly chart of the LTC/USD pair.

These all are negative signs and it indicates chances of more declines below $52.00 in the near term. An immediate support is at $51.80 and the 76.4% Fib retracement level of the last major upside from the $50.27 low to $56.35 high.

The mentioned $51.75-51.80 zone may perhaps act as a strong support since it was a resistance earlier. If buyers protect losses, the price could bounce back above the $53.00 level.

However, the 100 hourly SMA and the $53.50 level might act as a barrier for buyers. Moreover, the $54.00 level is a strong resistance, above which the price will most likely resume its upside move.

Overall, the $51.70 support area holds the key for the next move in litecoin price in the near term.

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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