Litecoin price failed to move above the $54.00 resistance and declined against the US Dollar. LTC/USD may continue to move down towards the $50.00 support level.
Key Talking Points
- Litecoin price is under pressure as it failed to move above the $54.00 resistance (Data feed of Kraken) against the US Dollar.
- This week’s highlighted key bullish trend line was breached with support at $52.60 on the hourly chart of the LTC/USD pair.
- LTC price is currently in a bearish zone and it could extend declines toward the $50.00 handle.
Litecoin Price Forecast
Yesterday, we discussed that litecoin price could climb higher above the $53.50 and $54.00 resistances against the US dollar. The LTC/USD pair is currently under a lot of pressure and it could decline below the $51.00 and $50.00 levels.
Looking at the chart, LTC price failed on many occasions to break the $53.80 and $54.00 resistance levels. As a result, there was a downside move and the price broke the $52.00 support area.
There was even a break below the $51.00 level and the 100 hourly simple moving average. More importantly, this week’s highlighted key bullish trend line was breached with support at $52.60 on the hourly chart of the LTC/USD pair.
The pair traded as low as $50.94 and it is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $58.06 high to $50.94 low.
It seems like there is a strong resistance formed near the $53.00 level and the 100 hourly SMA. Above this, the price may perhaps rise towards the $54.00 resistance and the 50% Fib retracement level of the recent decline from the $58.06 high to $50.94 low.
On the downside, the $51.00 and $50.00 levels are important supports. Below these, there could be a sharp decline in litecoin price below the $48.00 level. However, the current price action indicates that the price may stay above $50.00 and it could recover above $53.00.
The market data is provided by TradingView.
