Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Approaching $100?

Litecoin price declined further and moved below the $120 level against the US Dollar. LTC/USD is likely to decline further and it may even test the $100 level.

Key Talking Points

  • Litecoin price fail to move higher and it declined below the $120 level (Data feed of Kraken) against the US Dollar.
  • This week’s highlighted key bearish trend line with current resistance near $125 is still in place on the hourly chart of the LTC/USD pair.
  • The pair is likely to extend declines and it may accelerate declines toward $100.

Litecoin Price Forecast

There further bearish pressures on litecoin price as it fell further from the $130 swing high against the US dollar. The LTC/USD pair declined and cleared the $120 support level, which opened the doors for more losses.

The pair even broke the $110 level and it formed a low at $109. At the moment, the price is correcting higher above $100 with a tiny bullish bias. An initial resistance is close to the 23.6% Fib retracement level of the downside move from the $139 high to $109 low.

Litecoin Price Analysis

It seems like the price may correct in the short term, but the broken support at $120 may act as a hurdle. Moreover, this week’s highlighted key bearish trend line with current resistance near $125 is still in place on the hourly chart of the LTC/USD pair.

Lastly, the 50% Fib retracement level of the downside move from the $139 high to $109 low is near the same trend line resistance to act as a barrier for gains. Only a close above the $125 and $130 resistance levels could open the doors for an upside recovery.

On the downside, the recent low of $109 is a tiny support. Once there is a break below the $109 level, the price will most likely test the $100 level. Below the mentioned $100 level, there could be heavy downsides.

The overall technical structure is negative as long as the price is below $140.

Trade safe traders and do not overtrade!

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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