Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Sellers Could Take Control

Litecoin price continues to struggle to break the $53.00 resistance against the US Dollar. LTC/USD is now at a risk of a downside break below the $51.00 support level.

Key Talking Points

  • Litecoin price failed once again to move above the $52.50 and $53.00 resistances (Data feed of Kraken) against the US Dollar.
  • There is a major breakout pattern forming with resistance near $52.20 on the hourly chart of the LTC/USD pair.
  • LTC price is at a risk of a downside break below the $51.00 support level in the near term.

Litecoin Price Forecast

This week, we were looking for an upside break above the $53.00 resistance in litecoin price against the US dollar. However, the LTC/USD pair struggled on many occasions to break the $52.50 and $53.00 resistance levels.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price recent formed a low near the $51.30 level and later started an upside correction. It moved above the $52.00 and $52.25 levels, but the price struggled to gain momentum above the 100 hourly simple moving average.

Additionally, there was a failed attempt to break the 61.8% Fib retracement level of the last major drop from the $53.25 swing high to $51.30 swing low.

The price was rejected near the $52.50 level and later the price started a fresh decline. It moved down and broke the $52.00 level and the 100 hourly SMA. The decline was such that the price traded close to the last swing low of $51.30.

At the moment, the price is trading well below the $52.50 resistance and the 100 hourly SMA. More importantly, there is a major breakout pattern forming with resistance near $52.20 on the hourly chart of the LTC/USD pair.

If the pair breaks to the upside above the $52.20 level, it could even break the $52.50 resistance. The next resistance is near the $53.00 barrier.

On the other hand, if litecoin price fails to move above the $52.20 and $52.50 resistance levels, there could be a major downside move below the $51.30 low and the $51.00 support area.

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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