Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Targets Fresh Lows

Litecoin Price Analysis LTC USD

Litecoin price failed to move above the $84-85 resistance and declined against the US Dollar. LTC/USD is currently under pressure and it could even break the $73.50 low.

Key Talking Points

  • Litecoin price started a new downside wave after it failed to move above the $85 resistance (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistances at $78 on the hourly chart of the LTC/USD pair.
  • The pair may perhaps continue to move down and it could break the $74 and $73 levels.

Litecoin Price Forecast

Yesterday, we discussed how litecoin price failed to break an important resistance near $84-85 against the US dollar. The LTC/USD pair started a downside move and settled below the $80 support level.

Looking at the chart, the price was rejected from the $84.00 resistance zone. More importantly, the 38.2% Fib retracement level of the last decline from the $99.80 high to $73.40 low acted as a resistance.

Litecoin Price Analysis LTC USD

The price started a fresh downside move and declined below the $78 support. It is now trading well below the $80 pivot level and the 100 hourly simple moving average. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $73.41 low to $84.10 high.

Therefore, the price may perhaps continue to move down towards $74 and $73. A downside break below the last low of $73.41 could push the price to a new low. It could test the 1.236 Fib extension level of the last wave from the $73.41 low to $84.10 high.

On the upside, the $78.00 level is an initial resistance along with the 100 hourly simple moving average. Additionally, yesterday’s highlighted key bearish trend line is intact with resistances at $78 on the hourly chart of the LTC/USD pair.

Overall, litecoin price is in a bearish zone below $80.00 and it could continue to move down below the $74.00 level in the near term.

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]