Litecoin price failed to hold the $95 and $92 support levels and declined against the US Dollar. LTC/USD is currently under pressure and is trading in a bearish zone.
Key Talking Points
- Litecoin price broke a major support zone at $95 and fell sharply (Data feed of Kraken) against the US Dollar.
- There is a new connecting bearish trend line forming with resistance at $93.00 on the hourly chart of the LTC/USD pair.
- The pair traded below the $90 level and is currently in a bearish zone below $93.
Litecoin Price Forecast
The past few sessions were mostly bearish since litecoin price failed to move higher and declined below the $95 support against the US dollar. The LTC/USD pair faced an increased selling pressure, resulting in a downside break below the $92 support zone.
Looking at the chart, the price failed to stay above the $93 and $92 support levels and traded below $90. A low was formed at $89.57 and the price is now trading well below the 100 hourly simple moving average.
At the moment, the price is consolidating in a range near the $90 level. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $99.24 high to $89.57 low.
More importantly, there is a new connecting bearish trend line forming with resistance at $93.00 on the hourly chart of the LTC/USD pair. The same trend line is close to the $92 zone, which was a support earlier and now a major barrier.
Above the trend line resistance, the 50% Fib retracement level of the last drop from the $99.24 high to $89.57 low is near the $94.40 level. Therefore, it seems like there are many hurdles forming around $93 and $95 for litecoin buyers.
If the price corrects higher, it is likely to face sellers above $93. Only a close above $95 may perhaps push the price back in a positive zone.
On the downside, the $90.00 level is a decent support, followed by the $86 level.
The market data is provided by TradingView.