Litecoin price declined further and broke the $155 support against the US Dollar. LTC/USD traded towards the $120 level and it remains at a risk of more declines.
Key Talking Points
Litecoin price is under a lot of pressure after the $155 support break (Data feed of Kraken) against the US Dollar.
There is a crucial bearish trend line forming with resistance at $145 on the hourly chart of LTC/USD pair.
The pair is currently trading around the $120 support and it could even test the $100 level in the near term.
Litecoin Price Forecast
There was no mercy as there was continuous decline in litecoin price from the $165 swing high against the US dollar. The LTC/USD pair tumbled and broke a major support area at $155, which has opened the doors for more declines in the near term.
The pair dropped hard and broke the $145 and $130 support levels as well. It traded close to the $120 level and formed a low at $120.60. At the moment, the pair is in a sold downtrend and it could even break the $120 level in the near term.
On the upside, an initial resistance is around the 23.6% Fib retracement level of the last drop from the $165 high to $120 low around $131. Above the mentioned $131 level, the next crucial barrier for buyers is around the $145 level.
The $145 level is also around the 50% Fib retracement level of the last drop from the $165 high to $120 low. There is also a crucial bearish trend line forming with resistance at $145 on the hourly chart of LTC/USD pair.
Therefore, the $135-145 levels are crucial resistances on the upside. Should the price correct higher from the current levels, it will most likely face sellers near $145.
On the downside, the recent low of $120 is a short term support. A break below the $120 support could ignite heavy declines in the near term.