Litecoin Price Analysis: LTC/USD Approaching Next Break
Litecoin price is still struggling to move higher above $53.00 against the US Dollar. LTC/USD is likely to make the next move either above $53.00 or below $50.00.
Key Talking Points
Litecoin price is facing a lot of hurdles near the $53.00 resistance level (Data feed of Kraken) against the US Dollar.
Yesterday’s highlighted important bearish trend line is intact with resistance at $52.20 on the hourly chart of the LTC/USD pair.
LTC price may soon make the next move either above $53.00 or below $50.00.
Litecoin Price Forecast
During the past three sessions, there were mostly range moves above the $51.00 level in litecoin price against the US dollar. The LTC/USD pair traded slightly lower from the $53.00 resistance zone with a bearish angle.
Looking at the chart, LTC price failed to gain momentum above the $52.50 and $53.00 levels. The last swing high was near $53.26 before the price started a downside move.
It declined below the $52.50 level and the 100 hourly simple moving average. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $50.98 low to $53.26 high.
The current price action is slightly bearish and it seems like the pair could slide further towards the $51.00 support. An immediate support is near $51.50 and the 76.4% Fib retracement level of the last wave from the $50.98 low to $53.26 high.
If there is a break below the $51.00 support, the price could test the $50.00 handle in the near term. Below the $50.00 support, the price will most likely decline sharply towards the $48.00 or $46.00 level.
On the upside, an initial resistance is near the $52.50 level. More importantly, yesterday’s highlighted important bearish trend line is intact with resistance at $52.20 on the hourly chart of the LTC/USD pair.
A break and close above the trend line, $52.50, and the 100 hourly SMA is needed for litecoin price to gain traction above the $53.00 resistance in the coming sessions.