Litecoin price failed to move above the $100 barrier against the US Dollar. LTC/USD is currently well below $98 and is at a risk of more declines in the near term.
Key Talking Points
Litecoin price is struggling to recover above the $98 and $100 resistance levels (Data feed of Kraken) against the US Dollar.
There is a major bearish trend line in place with resistance at $96 on the hourly chart of the LTC/USD pair.
The pair may continue to move down towards the $90.80 and $90.00 support levels.
Litecoin Price Forecast
This past week, there was an upside recovery above the $95 level in litecoin price against the US dollar. The LTC/USD pair traded a few points above the $100 level before sellers appeared.
Looking at the chart, the price failed to settle above the $100 level, which ignited a downside reaction. The price declined and moved below the $100 and $98 support levels. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $88.76 low to $102.91 high.
More importantly, the price settled below the $100 level and the 100 hourly simple moving average. At the moment, the price is trading near a major support area at $94.00. The 61.8% Fib retracement level of the last wave from the $88.76 low to $102.91 high is also around $94.00.
It seems like the price may soon clear the $94.00 support area for more losses. The next significant support is near the last swing low at $90.80. Should there be a downside break below $90.80, the price may perhaps trade below $88.76 in the near term.
On the upside, there is a major bearish trend line in place with resistance at $96 on the hourly chart of the LTC/USD pair. The pair must break the trend line resistance, $98, and the 100 hourly SMA to gain upside momentum.
The overall price action is still bearish as long as litecoin price is below $98 and $100.