Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Primed For More Declines

Litecoin Price Analysis LTC Chart

Litecoin price struggled to hold the $32.00 support and declined further against the US Dollar. LTC/USD could even break the $30.00 support and test the $25.00 level.

Key Talking Points

  • Litecoin price is under a lot of pressure below the $32.00 and $34.00 levels (Data feed of Kraken) against the US Dollar.
  • There was a break below a key triangle pattern with support at $31.80 on the hourly chart of the LTC/USD pair.
  • LTC price is under a lot of pressure and it could dive towards the $25.00 level in the near term.

Litecoin Price Forecast

Yesterday, we discussed the importance of the $32.00 support area for litecoin price against the US dollar. The LTC/USD pair attempted an upward move, but it failed to break the $34.00 resistance, resulting in a fresh decline.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price declined recently and broke the $32.50 and $32.00 support levels. The decline was such that the price even broke the $30.00 support area and it is currently well below the 100 hourly simple moving average.

Besides, there was a break below a key triangle pattern with support at $31.80 on the hourly chart of the LTC/USD pair. It opened the doors for more losses and the price traded as low as $29.55.

The price is currently consolidating losses, with a bearish angle below the $31.50 level. An initial resistance is near the 23.6% Fib retracement level of the recent drop from the $34.11 high to $29.55 low.

However, the most important resistance is near the $32.50 level and the 100 hourly SMA. Moreover, the previous support near $32.00 is likely to act as a resistance. The 50% Fib retracement level of the recent drop from the $34.11 high to $29.55 low is also near $32.00.

Therefore, if litecoin price starts an upside correction, it is likely to face sellers near the $31.50 and $32.00 resistance levels. Only a successful close above the last swing high at $34.00 could open the doors a decent recovery. On the downside, LTC is likely to test the $26.00 or $25.00 level.

The market data is provided by TradingView.

Aayush Jindal
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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