Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Breaks $100

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.

Litecoin Price Analysis LTC

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.

The market data is provided by TradingView.

Aayush Jindal
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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