Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Could Rebound In Short Term

Litecoin price extended declines towards the $30.00 support level against the US Dollar. LTC/USD is likely to rebound in the short term towards the $35.00 or $38.00 levels.

Key Talking Points

  • Litecoin price is under a lot of pressure as sellers managed to push it towards $30.00 (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line in place with resistance at $33.30 on the hourly chart of the LTC/USD pair.
  • LTC price may perhaps correct towards the $35.00 or $38.00 resistance level.

Litecoin Price Forecast

Yesterday, we saw a major downside move below the $35.00 level in litecoin price against the US dollar. The LTC/USD pair moved down sharply and traded below the $33.00 and $32.00 levels.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price declined close to the $30.00 level after it broke the $35.30 support area. A swing low was formed at $30.30 and the price is currently consolidating losses.

On the upside, an initial resistance is near the $33.20 level and the 23.6% Fib retracement level of the recent slide from the $43.05 high to $30.30 low. Moreover, there is a major bearish trend line in place with resistance at $33.30 on the hourly chart of the LTC/USD pair.

The current price structure is short term positive above $30.00, but the price is trading well below the 100 hourly simple moving average. In the short term, there could be an upside correction above the $33.30 level.

The next major resistance is near the $35.30 level, which was a support earlier. Above this, the price could test the 50% Fib retracement level of the recent slide from the $43.05 high to $30.30 low at $36.67.

Overall, there are a few positive signs above the $30.00 support. Therefore, Litecoin price may perhaps correct higher towards the $35.00 or $36.00 level in the short term. Above $36.00, LTC could test the $38.00 level. On the downside, the key support is at $30.00, below which the price may slide to $25.00.

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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