Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Approaching Next Break

Litecoin Price Analysis LTC Chart

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.

Litecoin Price Analysis LTC Chart

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.

The market data is provided by TradingView.

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: aayushjindal@ethereumworldnews.com
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