Litecoin price failed to move above the $82 resistance and declined against the US Dollar. LTC/USD is currently under pressure and it could accelerate losses towards $70.
Key Talking Points
· Litecoin price was not able to gain momentum above $82.00 and fell once again (Data feed of Kraken) against the US Dollar.
· There is a new connecting bearish trend line formed with resistance near $78.00 on the hourly chart of the LTC/USD pair.
· The pair is in a bearish trend line and it may perhaps trade further lower towards the $70.00 level.
Litecoin Price Forecast
There was a tiny upward move above the $80 resistance in litecoin price against the US dollar. However, the LTC/USD pair faced a lot of selling interest near the $80 resistance, which resulted in a downside reaction.
Looking at the chart, the price declined sharply and broke the $80 support to settle below the 100 hourly simple moving average. The decline was such that the price broke the 76.4% Fib retracement level of the last wave from the $75.10 low to $81.90 swing high.
It opened the doors for more losses and the price even broke the $75.10 low. There was a test of the 1.236 Fib extension level of the last wave from the $75.10 low to $81.90 swing high at $73.50.
At the moment, the price is consolidating losses with an initial resistance near the $76.00 level. Above this, there is a new connecting bearish trend line formed with resistance near $78.00 on the hourly chart of the LTC/USD pair.
Therefore, upsides are likely to be capped by the $76.00 and $78.00 resistance levels in the near term. On the downside, the next stop for sellers could be the 1.618 Fib extension level of the last wave from the $75.10 low to $81.90 swing high at $70.90.
Overall, the current trend is super bearish on litecoin price and it seems like LTC could accelerate declines towards the $70.00 level in the near term.
The market data is provided by TradingView.
