Litecoin Price Analysis: LTC/USD’s Support Turned Resistance

Litecoin price declined further and broke a key support at $86.00 against the US Dollar. LTC/USD is currently under pressure and it could decline towards $80.00.

Key Talking Points

  • Litecoin price declined recently and broke the $88.00 and $86.00 support levels (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted important bullish trend line was breached with support at $86.00 on the hourly chart of the LTC/USD pair.
  • The pair is now trading well below the $86.00 support and the 100 hourly simple moving average.

Litecoin Price Forecast

Yesterday, there was a downside reaction in litecoin price below the $90.00 level against the US dollar. The LTC/USD pair extended its decline and broke the $88.00 and $86.00 support levels.

Looking at the chart, the price was under a lot of pressure below $90.00 and declined below the 50% Fib retracement level of the last wave from the $75.38 swing low to $94.56 high.

More importantly, yesterday’s highlighted important bullish trend line was breached with support at $86.00 on the hourly chart of the LTC/USD pair. The pair also broke the $84.50 support and settled below the 100 hourly simple moving average.

At the moment, the price is testing the 61.8% Fib retracement level of the last wave from the $75.38 swing low to $94.56 high. Should there be a break below the $83.00 support, the price could extend the current slide towards the $80.00 support.

On the flip side, if the price moves higher, the broken support at $84.50 may act as a resistance. Above this, the $86.00 level and the 100 hourly SMA is aligned with a bearish trend line on the same chart.

Therefore, it won’t be easy for litecoin buyers to push the price above the $86.00 resistance and the 100 hourly SMA. Overall, LTC price is currently under pressure and it seems like it could extend losses towards the $80.00 support.

On the upside, a break above $86.00 could push litecoin price back towards $90.00.

The market data is provided by TradingView.

Be the first to comment

Leave a Reply

Your email address will not be published.


*