Litecoin price tumbled and moved below a major support at $150 against the US Dollar. LTC/USD is currently trading with a bearish bias around $140.
Key Talking Points
Litecoin price struggled to move above $160 and declined sharply (Data feed of Kraken) against the US Dollar.
The LTC/USD pair is currently trading just below a declining channel support at $144 on the hourly chart.
The pair is now trading well below the $150 support and the 100 hourly simple moving average.
Litecoin Price Forecast
The past few sessions were extremely bearish as litecoin price failed to gain pace above $160 against the US dollar. The LTC/USD pair started a downside move and declined below the $155 and $150 support levels.
Looking at the chart, the pair clearly turned bearish after it broke the $150 support level. It traded close to the $140 level and it remains at a risk of more losses. The recent low was $140.65 before buyers appeared.
At the moment, the LTC/USD pair is currently trading just below a declining channel support at $144 on the hourly chart. It may correct a few points in the short term towards the 23.6% Fib retracement level of the last decline from the $160.42 high to $140.65 low.
However, the most important resistance for buyers is close to $150, which was a support earlier. It now coincides with the 50% Fib retracement level of the last decline from the $160.42 high to $140.65 low.
Therefore, if the price corrects higher, it may perhaps face a strong barrier near the $150 level. Above this last, the next resistance could be the channel at $152.
On the downside, the $140 level is a decent support. Should buyers fail to keep the price above $140, there could be further losses towards the next major support at $125.
The overall bias is now bearish below $150 in the short term, with chances of more declines towards $125.