Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD’s Rebound Faces Crucial Hurdle

Litecoin Price Analysis LTC Chart

Litecoin price fell sharply below $30.00 and traded towards $25.00 against the US Dollar. LTC/USD started an upside correction, but struggled near $32.00.

Key Talking Points

  • Litecoin price declined heavily and traded towards the $25.00-26.00 zone (Data feed of Kraken) against the US Dollar.
  • There is a key bearish trend line in place with resistance at $31.40 on the hourly chart of the LTC/USD pair.
  • LTC price must break the $32.00 and $34.00 resistance levels to recover further in the near term.

Litecoin Price Forecast

The past few days were very bearish for litecoin price as it declined sharply below $35.00 and $30.00 against the US dollar. The LTC/USD pair even broke the $28.00 support area and traded close to the $25.00-26.00 zone.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price tested the $26.00 level and formed a low at $26.35. Later, there was a sharp upward correction and the price traded above the $28.00 and $30.00 resistance levels.

During the upside, the price broke the 61.8% Fib retracement level of the last drop from the $32.86 high to $26.35 low. However, the upside move was capped by the $32.00 resistance zone and the 100 hourly simple moving average.

There was also no close above the 76.4% Fib retracement level of the last drop from the $32.86 high to $26.35 low. Besides, there is a key bearish trend line in place with resistance at $31.40 on the hourly chart of the LTC/USD pair.

The price clearly failed to break the $32.00 resistance and retreated from highs. If the price has to recover further, it must break the $32.00 resistance, above which the next major hurdle for buyers is near the $34.00-35.00 zone.

Overall, Litecoin price trimmed all of its 2018 gains and is back below the $35.00 level. LTC price must rebound quickly above the $35.00 and $40.00 level, else there is a risk of more losses. It could even trade below the $25.00 level if sellers remain in action in the near future.

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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