Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Primed for Losses

Litecoin Price Analysis LTC USD

Litecoin price extended its decline below $78 against the US Dollar. LTC/USD is now at a risk of more losses below the $75 support.

Key Talking Points

  • Litecoin price was under a lot of pressure below the $80.00 support (Data feed of Kraken) against the US Dollar.
  • There is a new important bearish trend line forming with resistance at $79.20 on the hourly chart of the LTC/USD pair.
  • The pair is currently in a bearish zone and it could break the $75.00 support to decline further.

Litecoin Price Forecast

Yesterday, we saw a fresh downside move in litecoin price below the $80.00 support against the US dollar. The LTC/USD pair declined further, broke the $78.00 support, and it tested the $75.00 support zone.

Looking at the chart, the price fell sharply below the $80.00 and $78.00 support levels. There was even a spike below the $75.00 support and a low was formed at $74.52. Later, there was an upside correction above $76.00.

Litecoin Price Analysis LTC USD

However, the upside move was capped by the $78.00 resistance. Moreover, the 38.2% Fib retracement level of the last decline from the $82.79 high to $74.52 low also acted as a resistance.

To the topside, there is a new important bearish trend line forming with resistance at $79.20 on the hourly chart of the LTC/USD pair. The same trend line is close to the 50% Fib retracement level of the last decline from the $82.79 high to $74.52 low also acted as a resistance.

Furthermore, the previous support at $80.00 may well act as a barrier for buyers. Therefore, if litecoin price corrects above $78.00, it is likely to face a strong selling interest around $79.50-80.00.

At the moment, there is a short-term breakout pattern forming with support at $75.00. Should there be a downside break below $75.00, the price is likely to accelerate declines towards the next support near the $72.00 level.

The overall price action suggests more losses in LTC/USD as long as the pair is below $80.00.

The market data is provided by TradingView.

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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
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