Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Turned Bearish

Litecoin Price Analysis LTC USD

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.

Litecoin Price Analysis LTC USD

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.

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]