Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Sellers Next Target $35

Litecoin price is struggling to stay above the $40.00 support against the US Dollar. LTC/USD remains at a risk of a solid downward move towards $35.00.

Key Talking Points

  • Litecoin price is facing an increased selling pressure below the $42.00 level (Data feed of Kraken) against the US Dollar.
  • There is a connecting bearish trend line formed with resistance at $42.00 on the hourly chart of the LTC/USD pair.
  • LTC price could accelerate declines once there is a break below $40.00 and $39.50.

Litecoin Price Forecast

This past week, we saw a major downward move from the $50.00 swing high in litecoin price against the US dollar. The LTC/USD pair dropped heavily and settled below the $45.00 and $42.00 support levels.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price even broke the $40.00 level and traded as low as $39.60. Later, there was an upside correction and the price moved above the $42.00 level. There was also a break above the 23.6% Fib retracement level of the recent drop from the $49.90 high to $39.60 swing low.

However, the upside move was capped by the $44.00 and $45.00 resistance levels. The price declined back below $42.00, but it later made another attempt to climb higher.

Sellers remained in action near the $43.00 level and the 100 hourly simple moving average. There is also a connecting bearish trend line formed with resistance at $42.00 on the hourly chart of the LTC/USD pair.

Therefore, it won’t be easy for buyers to break the $42.00 and $43.00 resistance levels. The next major resistance is near $44.75 since it coincides with the 50% Fib retracement level of the recent drop from the $49.90 high to $39.60 swing low.

The current price action is very bearish and it seems like the price could gain pace below the $40.00 support in the near term. If sellers gain control, litecoin price may tumble below the $39.60 swing low. In the mentioned case, the next target for LTC buyers could be $35.00.

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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