Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Remains Sell Near $45

Litecoin price declined further below the $40.00 level against the US Dollar. LTC/USD is currently correcting higher, but it could face sellers near $45.00.

Key Talking Points

  • Litecoin price extended declines and spiked below the $40.00 handle (Data feed of Kraken) against the US Dollar.
  • There was a break above a short term consolidation pattern with resistance at $42.10 on the hourly chart of the LTC/USD pair.
  • LTC price could correct further, but it is likely to face resistance near the $44.00 or $45.00 level.

Litecoin Price Forecast

Yesterday, we saw a major decline below the $50.00 support in litecoin price against the US dollar. The LTC/USD pair fell significantly and traded below the $46.00 and $44.00 support levels.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price recently extended declines and spiked below the $40.00 handle. A new yearly low was formed at $39.62 and the price is now trading well below the $48.00 pivot level plus the 100 hourly simple moving average.

Recently, the price recovered and moved above the $40.00 and $41.00 levels. There was also a break above the 23.6% Fib retracement level of the last decline from the $50.00 swing high to $39.62 low.

More importantly, there was a break above a short term consolidation pattern with resistance at $42.10 on the hourly chart of the LTC/USD pair. The pair is currently consolidating near the $44.00 resistance with a few positive signs.

However, there are many resistances on the upside near the $45.00 level. Above $45.00, the 61.8% Fib retracement level of the last decline from the $50.00 swing high to $39.62 low is likely to act as a major hurdle near the $46.00 level.

Therefore, if the price corrects higher, it will most likely struggle near the $45.00 or $46.00 resistance level. On the downside, an initial support is at $42.00, below which the price may revisit the $40.00 level.

Overall, litecoin price is slowly recovering, but it could complete the current correction wave near the $45.00 or $46.00 level, and later resume its decline.

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: aayushjindal@ethereumworldnews.com
Sign up for our Newsletter