Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Could Tumble Below $50

Litecoin Price Analysis LTC USD

Litecoin price extended declines and traded close to the $50.00 level against the US Dollar. LTC/USD remains at a risk of more declines if sellers push the price below $50.00.

Key Talking Points

  • Litecoin price declined further towards the important $50.00 support (Data feed of Kraken) against the US Dollar.
  • There was a break below yesterday’s followed key contracting triangle with support at $54.00 on the hourly chart of the LTC/USD pair.
  • LTC price is currently correcting higher, but it could face a strong resistance near $53.00 and $54.00.

Litecoin Price Forecast

Yesterday, we discussed that there could be more declines below $55.00 in litecoin price against the US dollar. The LTC/USD pair started a downside move and broke the $54.00 and $52.00 support levels.

Litecoin Price Analysis LTC USD

Looking at the chart, LTC price extended declines and there was even a spike below the important $50.00 support level. A new monthly low was formed at $49.85 and the price is now trading well below the 100 hourly simple moving average.

More importantly, there was a break below yesterday’s followed key contracting triangle with support at $54.00 on the hourly chart of the LTC/USD pair. The chart indicates that the price is following a monster descending channel with support near the $49.60 level.

At the outset, the price is consolidating near $50.00 with an immediate resistance at $51.40 and the 23.6% Fib retracement level of the last slide from the $56.54 high to $49.85 low.

Above $51.40, there is a bearish trend line in place with resistance at $52.50 followed by the 50% Fib retracement level of the last slide from the $56.54 high to $49.85 low at $53.20.

Therefore, if the price corrects higher, it is likely to face many hurdles near the $52.00 and $54.00 levels. To recover positively, buyers need to push the price above $55.00.

On the flip side, if litecoin price continues to move down and settles below $50.00, there could be nasty declines towards the $45.00 and $42.00 levels 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: [email protected]
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