Litecoin News

Litecoin Price Analysis: LTC/USD To Decline Further

Litecoin price failed to hold the $60.00 support against the US Dollar. LTC/USD might continue to decline towards $53.00 or even $50.00.

Key Talking Points

  • Litecoin price failed to hold an important support area at $62.00-60.00 against the US Dollar.
  • There are two bearish trend lines forming with resistance at $59.00 on the hourly chart of LTC/USD.
  • The pair is likely to extend declines toward $52.00 and $50.00 in the near term.

Litecoin Price Forecast

After a nice upside move towards $70.00, Litecoin price faced strong sell offers against the US Dollar. The price started a downside move and breached a couple of important support levels such as $64.00, $62.00 and $60.00.

The downside move was such that the price even broke the 50% Fib retracement level of the last wave from the $53.00 low to $62.80 high, and settled below the 100 hourly simple moving average. At the moment, the price is approaching the $53.50 support area, which is a short-term support.

litecoin price analysis

On the upside, there are two bearish trend lines forming with resistance at $59.00 on the hourly chart of LTC/USD (data feed of Kraken exchange). These trend lines are important near $59.00-60.00 since these are aligned with the 100 hourly SMA.

A break above the $60.00 resistance and the 100 hourly SMA is required for buyers to step in and push the price back towards $65.00.

On the flip side, the price is already below the 76.4% Fib retracement level of the last wave from the $53.00 low to $62.80 high. Therefore, there are chances of at least a retest of the $53.00 swing low.

If sellers remain in action, Litecoin price could even trade towards the 1.236 extension of the last wave from the $53.00 low to $62.80 high at $50.69.

The overall short-term trend for LTC/USD is bearish as long as the pair is below $60.00. An increase in the bearish pressure would easily drag the price back toward the $50.50-50.00 support, which is a major buy zone in the near term.

Trade safe traders and do not overtrade!

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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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