Litecoin Price Analysis: LTC/USD Turned Sell On Rallies
Litecoin price failed to move higher and declined below $50.00 against the US Dollar. LTC/USD has moved into a bearish zone, with sellers in control below $50.00.
Key Talking Points
Litecoin price declined sharply and broke the $50.00 support area (Data feed of Kraken) against the US Dollar.
Yesterday’s highlighted major bearish trend line played well with current resistance at $51.40 on the hourly chart of the LTC/USD pair.
LTC price settled below the $50.00 support and the 100 hourly simple moving average.
Litecoin Price Forecast
Yesterday, we discussed that litecoin price may attempt an upside break above $52.50 against the US dollar. However, the LTC/USD pair failed to gain momentum above the $52.20 and $52.50 resistance levels.
Looking at the chart, LTC price faced an increased selling pressure, which resulted in heavy slides below the $51.00 and $50.00 support levels. The decline was such that the price settled below the $50.00 level and the 100 hourly simple moving average.
It traded as low as $47.41 and later started an upside correction. Buyers pushed the price above the $58.50 level and the 23.6% Fib retracement level of the last slide from the $52.28 high to $47.41 low.
However, there are many resistances near the $49.80, $50.00 and $51.00 levels. Moreover, yesterday’s highlighted major bearish trend line is still in place with current resistance at $51.40 on the hourly chart of the LTC/USD pair.
More importantly, the 50% Fib retracement level of the last slide from the $52.28 high to $47.41 low is also placed near the $50.00 level. Therefore, if the price continues to correct higher, it could face a lot of offers near the $49.80, $50.00 and $51.00 levels.
On the downside, an initial support is near the $48.00 level followed by the recent low at $47.40. If litecoin price fails to stay above the $47.40 level, there could be more declines towards the $45.00 level. The main support on the extreme downside is near the $42.00 level.