Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Remains Sell Near $26 and $30

Litecoin Price Analysis LTC Chart

Litecoin price declined heavily and traded close to $22.00. LTC/USD is currently recovering, but upsides are likely to be capped near $26.00, $28.00 or $30.00.

Key Talking Points

·         Litecoin price declined sharply below the $35.00 and $30.00 support levels (Data feed of Kraken) against the US Dollar.

·         There is a crucial bearish trend line formed with resistance at $26.00 on the hourly chart of the LTC/USD pair.

·         LTC price is likely to struggle near the $26.00, $28.00 and $30.00 resistance levels.

Litecoin Price Forecast

In the last analysis, we discussed that litecoin price couldbe dear near $20.00 against the US dollar. The LTC/USD pair remained in a bearish zone and traded below the $28.00 and $26.00 support levels.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price declined close to the $22.00 level and settled below the 100 hourly simple moving average. A new multi month low was formed at $22.26 and later the price started an upside correction.

It moved above the $24.00 level and the 23.6% Fib retracement level of the last drop from the $30.10 high to $22.26 low. However, the upward move was capped by the $26.00 and $26.50 resistance levels plus the 100 hourly SMA.

More importantly, there is a crucial bearish trend line formed with resistance at $26.00 on the hourly chart of the LTC/USD pair. The pair also failed near the 50% Fib retracement level of the last drop from the $30.10 high to $22.26 low.

Therefore, the price is likely to face a strong resistance near $26.00 and the 100 hourly SMA. Above the trend line and $26.00, the price is likely to test the next major resistance near $28.00.

To sum up, litecoin price remains in a major downtrend as long as it is below $30.00. If LTC attempts an upside correction, it could face sellers near the $26.00, $28.00 and $30.00 resistance levels. On the downside, the recent low at $22.20 is a decent support, followed by the $20.00 handle.

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 Reach Aayush via email: [email protected]