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Litecoin Price Analysis: LTC/USD Drops Sharply, Could Test $60 - Ethereum World News
Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Drops Sharply, Could Test $60

Litecoin Price Analysis LTC USD

Litecoin price declined sharply and broke the $72.50 and $70.00 supports against the US Dollar. LTC/USD may continue to decline towards the $60.00 level in the near term.

Key Talking Points

·         Litecoin price is under a lot of pressure as it broke the $70.00 support (Data feed of Kraken) against the US Dollar.

·         This week’s highlighted key bearish trend line prevented gains above $75.00 on the hourly chart of the LTC/USD pair.

·         The pair is currently consolidating, but it remains at a risk of more losses below $65.00.

Litecoin Price Forecast

There was a sharp rejection near the $76.00 and $75.00 resistance levels in litecoin price against the US dollar. The LTC/USD declined heavily and broke the $72.50 and $70.00 support levels.

Looking at the chart, LTC price was under a lot of selling pressure after it broke the $72.30-50 support area. The price tumbled below the $70.00 level and traded near the $65.00 support.

Litecoin Price Analysis LTC USD

More importantly, this week’s highlighted key bearish trend line prevented gains above $75.00 on the hourly chart of the LTC/USD pair. A low was formed at $65.17 and the price is now trading well below the 100 hourly simple moving average.

In the short term, it may perhaps correct higher towards the $68.00 level. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $75.13 high to $65.17 low.

Any further upsides above $67.50 and $68.00 will most likely face a strong resistance near the $70.00 level, which was a support earlier. It also represents the 50% Fib retracement level of the last decline from the $75.13 high to $65.17 low.

On the downside, an initial support is near the $65.00 level. A break below this could open the doors for more declines towards the $60.00 support.

Overall, litecoin price is in a major bearish trend and it could continue to move down towards $60.00 as long as it is trading below the $70.00 level.

The market data is provided by TradingView.

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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