Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Remains Bearish

Litecoin price extended declines and moved below $140 against the US Dollar. LTC/USD is under a lot of pressure and it may decline further towards $125.

Key Talking Points

  • Litecoin price remains in a bearish trend and is currently well below $150 (Data feed of Kraken) against the US Dollar.
  • There is a significant bearish trend line in place with resistance near $140 on the hourly chart of the LTC/USD pair.
  • The pair may correct a few points, but upsides are likely to be capped by $140-145.

Litecoin Price Forecast

There was no upside recovery in litecoin price above $150 during the past few sessions against the US dollar. The LTC/USD pair extended declines and moved below a key support at $140.

The recent downside push points a major bearish trend since the price is now well below the $155 level. Today’s low was at $132.23 and it seems like the current downside move is not over yet.

Litecoin Price Analysis

There can be a minor upside correction from the $132.23 low, but there are many hurdles on the upsides. The first hurdle is near the 23.6% Fib retracement level of the drop from the $151.77 high to $132.23 low.

Moreover, there is a significant bearish trend line in place with resistance near $140 on the hourly chart of the LTC/USD pair. The same trend line is positioned near the 38.2% Fib retracement level of the drop from the $151.77 high to $132.23 low.

Therefore, if the price corrects higher, the previous support near $140 is likely to act as a major hurdle for more gains. A push above the $140-142 levels may perhaps increase the chances of a move towards the all-important $150 resistance.

On the downside, the recent low of $132.00 is a tiny support. A break below $132 will most likely push the price towards the $125 level in the near term.

To sum up, the current litecoin trend is bearish as long as the price is below $140 and $150.

Trade safe traders and do not overtrade!

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 Reach Aayush via email: aayushjindal@ethereumworldnews.com
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