Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Turned South

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.

Litecoin Price Analysis LTC USD

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.

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: aayushjindal@ethereumworldnews.com
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