Litecoin price declined further and broke the $80 support against the US Dollar. LTC/USD is accelerating declines and it could revisit the $72 support.
Key Talking Points
Litecoin price failed to hold the $80.00 support and declined further (Data feed of Kraken) against the US Dollar.
Yesterday’s highlighted crucial bearish trend line is active with resistance at $82.50 on the hourly chart of the LTC/USD pair.
The pair is likely to accelerate declines towards the $75.00 and $72.00 support levels.
Litecoin Price Forecast
Yesterday, we discussed that litecoin price may decline further below $82.00 and it could test $80.00 against the US dollar. The LTC/USD pair did move down and broke the $80.00 support area.
Looking at the chart, the price is clearly under a lot of pressure below the $85.00 pivot level. Moreover, a close below the $80.00 support may well put a lot of pressure on buyers. It also cleared the 61.8% Fib retracement level of the last leg from the $72.00 low to $89.95 high.
It has opened the doors for more declines below $78.00. At the moment, the price is trading near the $77.50 support area, which may hold declines in the short term.
Should there be a break below $77.50, the price may test the 76.4% Fib retracement level of the last leg from the $72.00 low to $89.95 high. Below this, there are high chances that litecoin price may revisit the $72.00 swing support.
If there is an upside move from the current levels, the broken support at $80.00 could act as a resistance. Moreover, yesterday’s highlighted crucial bearish trend line is active with resistance at $82.50 on the hourly chart of the LTC/USD pair.
The trend line resistance at $82.50 is close to the 100 hourly simple moving average. Therefore, a break above $82.00-82.50 won’t be easy. Above this, the price may perhaps avert more losses.
The overall price action is bearish and it seems like LTC/USD could decline further towards $75.00 and $72.00 in the near term.