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.
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.
