Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Could Test $100?

Litecoin price is under a lot of pressure below $135 against the US Dollar. LTC/USD may extend the current decline and it could even test the $100 level.

Key Talking Points

  • Litecoin price did not recover much above the $140 level (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted crucial bearish trend line with current resistance near $135 is still intact on the hourly chart of the LTC/USD pair.
  • The pair may continue to move down and it could trade towards $120 or even $100.

Litecoin Price Forecast

It seems like sellers are in control as litecoin price declined below the $140 level against the US dollar. The LTC/USD pair is now placed well below the $148 and $150 resistance levels, which is a bearish sign.

Recently, the price corrected a few points from the $138 swing low, but the upside move was capped by the $145 level. The last swing low was $129.75 and it seems like the price may continue to move down.

Litecoin Price Analysis

On the upside, an initial resistance is around the 23.6% Fib retracement level of the decline from the $145 high to $129 low. However, yesterday’s highlighted crucial bearish trend line with current resistance near $135 is still intact on the hourly chart of the LTC/USD pair.

The pair remains in a bearish region and it could decline further below the $129 low. The next stop could be the $120 level. However, if the current trend remains intact, there are chances of LTC price even testing the $100 level.

On the flip side, if the price moves above the $135 level, the next resistance is around the 61.8% Fib retracement level of the decline from the $145 high to $129 low.

Above $140, the 100 hourly simple moving average is at $145. Only a close above $145 and the 100 hourly SMA could ignite a fresh upside move.

The overall price action is bearish with the next key support at $120.

Trade safe traders and do not overtrade!

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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