Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD’s Previous Support Now Resistance

Litecoin Price Analysis LTC Chart

Litecoin price recovered a few points, but it faced sellers near $50.00 against the US Dollar. LTC/USD is still trading below the $50.00 resistance and the 100 hourly SMA.

Key Talking Points

  • Litecoin price corrected higher, but it faced sellers near the $50.00 resistance (Data feed of Kraken) against the US Dollar.
  • There is a new connecting bearish trend line in place with resistance at $50.00 on the hourly chart of the LTC/USD pair.
  • LTC price is currently struggling to break the $50.00 resistance and the 100 hourly SMA.

Litecoin Price Forecast

Recently, litecoin price started a short term upside correction from the $48.00 support against the US dollar. The LTC/USD pair traded above the $49.00 and $50.00 levels, but it failed to hold gains.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price dipped once again towards the $48.00 level where buyers emerged. Later, the price started a fresh upward move and traded above the $49.00 resistance.

Buyers were able to push the price above the 50% Fib retracement level of the last slide from the $51.75 swing high to $47.40 low. However, the upside move was capped by the $50.00-50.20 zone and the 100 hourly simple moving average.

Moreover, the 61.8% Fib retracement level of the last slide from the $51.75 swing high to $47.40 low acted as a strong hurdle. Besides, there is a new connecting bearish trend line in place with resistance at $50.00 on the hourly chart of the LTC/USD pair.

Therefore, it won’t be easy for buyers to clear the $50.00 resistance and the 100 hourly SMA. Above $50.00, the price may perhaps move towards the $51.00 resistance, which was a support earlier.

On the other hand, if the price fails to move above the $50.00 resistance, there could be a fresh decline towards the $48.00 support.

Overall, litecoin price corrected nicely, but the previous support levels near $50.00 acted as a strong resistance. In the short term, there could be range moves before the price attempts to clear the $50.00 resistance.

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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