Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD At Risk Of More Losses

Litecoin price failed to stay above the $51.40 support and declined against the US Dollar. LTC/USD is currently at a risk of more losses below $50.00.

Key Talking Points

  • Litecoin price declined recently and broke the $52.70 and $51.40 supports (Data feed of Kraken) against the US Dollar.
  • There is a connecting bearish trend line in place with resistance at $51.00 on the hourly chart of the LTC/USD pair.
  • LTC price might continue to move down towards the $50.00 and $49.20 support levels.

Litecoin Price Forecast

There was a slow and steady decline initiated from the $57.00 swing high in litecoin price against the US dollar. The LTC/USD pair traded below the $55.00 and $54.00 support levels to move into a bearish zone.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price was under a lot of pressure below the $54.00 support and the 100 hourly simple moving average. It recently moved below the $52.70 and $51.40 support levels and extended losses below the $50.00 support.

A new weekly low was formed at $49.47 before the price corrected higher. It moved above the 50% Fib retracement level of the recent decline from the $52.38 high to $49.47 low. However, upsides remain capped near the $51.20-40 resistance zone.

Moreover, there is a connecting bearish trend line in place with resistance at $51.00 on the hourly chart of the LTC/USD pair. The pair is also struggling to surpass the 61.8% Fib retracement level of the recent decline from the $52.38 high to $49.47 low.

Therefore, it seems like an upside break above the $51.40 and $51.80 levels won’t be easy. The next important resistance is near $52.70, which was a support earlier.

Overall, litecoin price is currently trading in a bearish zone below $52.70. Sellers may remain in control and it seems like the price could extend losses below the $50.20 and $50.00 levels. The next key support is at $49.20, below which the price could revisit the $48.00 support level in the near term.

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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