Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Resumes Significant Downtrend

Litecoin Price Analysis LTC Chart

Litecoin price topped near the $37.00 level and declined recently against the US Dollar. LTC/USD remains in a significant downtrend and it could even trade below $26.00.

Key Talking Points

  • Litecoin price recovery failed to gain momentum above $36.00 (Data feed of Kraken) against the US Dollar.
  • There was a break below a major bullish trend line with support at $32.50 on the 4-hour chart of the LTC/USD pair.
  • LTC price is currently in a significant downtrend and it could trade below $26.00-25.00.

Litecoin Price Forecast

This past week, there was a decent support formed near $26.00 in litecoin price against the US dollar. The LTC/USD pair started a solid recovery and traded above the $30.00 and $35.00 resistances.

Litecoin Price Analysis LTC Chart

Looking at the 4-hour chart, LTC price formed a low and later climbed above the $32.00 resistance. There was a break above the 50% Fib retracement level of the last major decline from the $43.01 high to $26.63 low.

However, the upside move was capped by the $36.60-37.00 zone and the 100 simple moving average (4-hour). Moreover, the price failed to break a major bearish trend line with current resistance at $32.50 on the same chart.

Finally, there was a rejection near the 61.8% Fib retracement level of the last major decline from the $43.01 high to $26.63 low. As a result, there was a fresh decline below $32.00 and a major bullish trend line with support at $32.50 on the same chart.

The price is now trading well below the $35.00 level and the 100 simple moving average (4-hour). It seems like the price may continue to move down and it could break the $30.00 and $28.00 levels.

If sellers remain in action, the price could even break the $26.60 swing low and test the $25.00 support level. Overall, litecoin price remains in a significant downtrend as long as it is below $35.00. If LTC sellers push the price below $25.00, there could be a sharp decline towards the $20.00 level.

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]
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