Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Turns Bearish Below $50

Litecoin Price Analysis LTC Chart

Litecoin price extended declines below the $50.00 support against the US Dollar. LTC/USD is under a lot of pressure below the $50.00 and $51.00 levels.

Key Talking Points

  • Litecoin price extended declines and traded below the $50.00 support (Data feed of Kraken) against the US Dollar.
  • This week’s followed important bearish trend line is still in place with resistance at $49.80 on the hourly chart of the LTC/USD pair.
  • LTC price may correct higher, but upsides are likely to be capped near the $50.00 level.

Litecoin Price Forecast

Yesterday, we discussed that litecoin price could continue to move down below the $50.00 support against the US dollar. The LTC/USD pair extended declines and it even broke the $49.50 swing low.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded towards the $48.00 support area and formed a new monthly low at $48.22. Later, there was an upside correction and the price recovered above the $48.80 level.

It also moved above the 23.6% Fib retracement level of the recent decline from the $50.96 high to $48.22 low. However, the price is still trading well below the $50.00 resistance and the 100 hourly simple moving average.

More importantly, this week’s followed important bearish trend line is still in place with resistance at $49.80 on the hourly chart of the LTC/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $50.96 high to $48.22 low.

Above the trend line, the $50.00 handle is likely to act as a solid resistance for buyers in the near term. Therefore, if the price corrects higher, the $49.80 and $50.00 levels are likely to protect gains.

Overall, litecoin price is clearly under a lot of pressure below the $51.00 and $50.00 levels. As long as there is no close above $51.00 and the 100 hourly simple moving average, there could be more declines. An immediate support is the recent low at $48.22, below which the price may test the $47.50 support.

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]
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