Litecoin price extended its decline after a rejection from the $110 level against the US Dollar. LTC/USD declined sharply and moved below the $100 handle.
Key Talking Points
Litecoin price struggled to recover and declined below the $100 handle (Data feed of Kraken) against the US Dollar.
There is a new connecting bearish trend line forming with resistance near $104 on the hourly chart of the LTC/USD pair.
The pair may correct a few points, but it is likely to face sellers near the $103 and $104 levels in the near term.
Litecoin Price Forecast
There was a tiny correction above the $105 level in litecoin price against the US dollar. The LTC/USD pair traded towards the $108 and $110 resistance levels, where sellers appeared and prevented upsides.
Looking at the chart, the price failed to break the $108 resistance and declined. There was a rejection from the 38.2% Fib retracement level of the last decline from the $120 swing to $103 low.
The price faced an increasing selling pressure, which resulted in a downside move from the $108 resistance. It declined and broke the $105 and $103 support levels. More importantly, there was a break below the $100 handle.
The recent low was formed near $97.46 before the price started consolidating losses. There is a chance of an upside correction from the current levels toward the $102 and $104 levels. There is also a new connecting bearish trend line forming with resistance near $104 on the hourly chart of the LTC/USD pair.
The 23.6% Fib retracement level of the last decline from $114.31 high to $97.46 low. Above the mentioned fib level, the price could trade toward the $105 level, which is the next resistance.
It seems like an upside break above the $105 level is needed for buyers to gain momentum. If the price fails to recover, it could decline below the $97.45 low. The next support is near the $95.00 support in the near term.