Litecoin Price Analysis: LTC/USD Approaching $70

Litecoin Price Analysis LTC USD

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.

Litecoin Price Analysis LTC USD

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.