Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Could Drop Below $26

Litecoin Price Analysis LTC Chart

Litecoin price recovered a few points, but it struggled near the $32.00 resistance against the US Dollar. LTC/USD is likely to decline again towards $26.00 or even $24.00.

Key Talking Points

  • Litecoin price is struggling to break the $30.00 and $32.00 resistances (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted major bearish trend line is still active with resistance at $31.00 on the hourly chart of the LTC/USD pair.
  • LTC price is currently under pressure and it seems like it could decline towards $26.00 or $25.00.

Litecoin Price Forecast

Yesterday, we saw a short term recovery above the $30.00 level in litecoin price against the US dollar. The LTC/USD pair traded with a positive angle, but it struggled to clear the $32.00 resistance area.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded as high as $32.17 and failed to retain gains. It seems like the price was rejected near the $32.00 level and the 76.4% Fib retracement level of the last decline from the $32.85 high to $26.31 low.

As a result, the price declined again and traded below the $30.00 level plus the 100 hourly simple moving average. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $26.31 low to $32.17 high.

The current price action is slightly bearish below the $30.00 and $32.00 resistance levels. Besides, yesterday’s highlighted major bearish trend line is still active with resistance at $31.00 on the hourly chart of the LTC/USD pair.

If there is an upward move, the price could struggle near $31.00 and $32.00. A successful close above the $32.00 resistance and the 100 hourly SMA is needed for further gains in the near term.

On the downside, if Litecoin price breaks the $28.00 level, there are chances of more losses. The next stop for LTC buyers could be near the $26.20 swing low, below which the price may even break the $26.00 and $25.00 levels in the coming sessions.

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: [email protected]
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