Litecoin Price Analysis

Litecoin Price Analysis: Sell Rallies In LTC/USD Short Term

Litecoin price turned bearish below the $52.00 support against the US Dollar. LTC/USD is currently near the $50.00 support with a bearish angle.

Key Talking Points

  • Litecoin price failed to recover and declined towards the $50.00 support level (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistance at $50.40 on the hourly chart of the LTC/USD pair.
  • LTC price is currently in a bearish zone and any recovery could face sellers near $51.00.

Litecoin Price Forecast

Yesterday, we saw a bearish formation in litecoin price below the $51.70 support area against the US dollar. The LTC/USD pair extended losses and revisited the $50.00 support area.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price started a short term correction from the $49.50 swing low. It recovered above the $50.00 and $50.50 level. However, the upside move was capped by the $51.20 resistance, which was a support earlier.

Moreover, there was no close above the 61.8% Fib retracement level of the downside move from the $52.40 high to $49.50 low. The price formed a high at $51.28 and later started a fresh decline. It broke the $50.50 support and it is currently well below the 100 hourly simple moving average.

The recent low was $49.61 and it seems like the price may correct higher in the short term. An initial resistance is near $50.20 and the 23.6% Fib retracement level of the recent slide form the $51.28 high to $49.61 low.

More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at $50.40 on the hourly chart of the LTC/USD pair. Above, the trend line, the price could revisit the $51.20 resistance, which is a major hurdle for buyers.

As long as litecoin price is trading below the $51.20 level, it remains at a risk of more declines. Therefore, selling rallies close to $51.20 and $51.70 can be considered. The main supports on the downside are positioned near the $49.50 and $48.10 levels.

The market data is provided by TradingView.

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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