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.
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!
