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Litecoin Price Analysis: LTC/USD Could Decline Further

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Litecoin price failed to move above the $210 resistance and declined against the US Dollar. LTC/USD is currently in a bearish zone and it may decline further.

Key Talking Points

  • Litecoin price failed to recover and move above the $210 resistance (Data feed of Kraken) against the US Dollar.
  • There is a major bearish trend line forming with resistance at $198 on the hourly chart of the LTC/USD pair.
  • The pair remains at a risk of more declines since it broke the $200 support.

Litecoin Price Forecast

Yesterday, we discussed about the $210 resistance area in litecoin price against the US dollar. The LTC/USD pair failed to move above the mentioned $210 resistance and started a downside move.

The decline was substantial as there was a break below a crucial support at $204. The decline was such that the price even failed to hold the $200 support. As a result, the price is now trading well below the $210 level and the 100 hourly simple moving average.

Litecoin Price Analysis
Cryptocurrency charts and prices provided by TradingView

The recent low formed was $191.82 before the price started an upside correction. It moved above the 23.6% Fib retracement level of the last decline from the $209.88 high to $191.82 low.

However, it won’t be easy for buyers to push LTC price higher since there are many hurdles on the upside such as $200 and $204. There is also a major bearish trend line forming with resistance at $198 on the hourly chart of the LTC/USD pair.

Moreover, the 50% Fib retracement level of the last decline from the $209.88 high to $191.82 low is around the $200 level. Therefore, the $198-200 zone may act as a major barrier for an upside move in the near term.

On the downside, the recent low of $191 is a short-term support. Should there be a break below $191 and $190, the next stop for sellers could be $180.

To sum up, the current price action is bearish on litecoin, and the price may decline further below $190.

Trade safe traders and do not overtrade!

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