Litecoin price declined and failed to break the $34.00 resistance. Tron (TRX) remains supported and it seems like it could soon surpass LTC’s market cap and move to the 7th spot.
Key Talking Points
- Litecoin price failed to gain traction and traded below the $32.00 support (Data feed of Kraken) against the US Dollar.
- There was a break below a major bullish trend line with support at $32.60 on the hourly chart of the LTC/USD pair.
- The price is likely to decline further and it could trade towards the $30.40 or $30.20 support level.
Litecoin Price Analysis
After a decent upward move, litecoin price failed to gain pace above the $34.00 resistance against the US Dollar. The LTC/USD pair traded lower and broke the $33.00 and $32.00 support levels.
Looking at the chart, LTC price traded above the $33.00 resistance level and even broke the $33.60 level. However, the price failed to clear the $34.0 barrier and it started a downside move after setting a high near the $33.92 level.
It declined heavily and broke the $33.00 support plus the 50% Fib retracement level of the last leg from the $29.41 low to $33.92 high. Moreover, there was a break below a major bullish trend line with support at $32.60 on the hourly chart of the LTC/USD pair.
The pair traded below the $32.00 support and the 100 hourly simple moving average. At the moment, it is trading near the 61.8% Fib retracement level of the last leg from the $29.41 low to $33.92 high.
There could be a short term upside correction, but the previous supports near $31.70 and $32.00 are likely to act as solid barriers. It seems like the price is likely to decline further and it could trade towards the $30.40 or $30.20 support level.
More importantly, litecoin is struggling to remain at the 7th spot in terms of the market cap. Tron (TRX) is moving higher and its market cap is currently $1,816,739,932, less than LTC’s $1,918,680,890. However, there are high chances of it moving above LTC’s market cap in the coming days.
The market data is provided by TradingView.