Litecoin Price Analysis: LTC/USD Extends Decline Towards $90
Litecoin price moved down further and traded towards $90.00 against the US Dollar. LTC/USD is currently under slight pressure with resistance at $95.20.
Key Talking Points
Litecoin price struggled to move higher and declined below the last swing low of $95.00 against the US Dollar.
LTC/USD pair is facing a major bearish trend line with current resistance at $95.15 on the hourly chart.
The pair is currently correcting higher but facing sellers near the $94.00 and $95.00 levels.
Litecoin Price Forecast
It seems like litecoin price failed miserably to hold the $96.00 and $95.00 support levels against the US Dollar. The LTC/USD pair declined further and traded below the $92.00 support area.
The main reason for the current decline is bitcoin price rise, which traded above $17,000 recently. LTC faced sellers and almost tested the $90.00 handle. A low was formed at $90.09 from where the price started correcting higher.
It spiked above the 23.6% Fib retracement level of the recent drop from the $104.00 high to $90.09 low. Having said that, it seems like the price is struggling to move above the $95.00 level.
The mentioned $95.00 level was a support earlier and now it is acting as a resistance. Moreover, the 38.2% Fib retracement level of the recent drop from the $104.00 high to $90.09 low is around $95.40 and is preventing gains.
Moreover, there is a major bearish trend line with current resistance at $95.15 on the hourly chart of LTC/USD. The trend line resistance and $96.00 could play a key role in the near term.
As long as the price is below the $96.00 level, there is a chance of LTC/USD moving back towards $90.00 and it could even form a new low before recovering.
On the upside, a successful close above the $96.00 level could open the doors for a push towards the all-important $100.00 handle. The short-term bias for litecoin is currently bearish, but it’s not due to a negative market sentiment.