Litecoin Price Analysis: Can LTC/USD Bounce Back Above $54?


Litecoin price faced an increased selling pressure and declined below $52.70 against the US Dollar. LTC/USD may continue to decline and it could even break the $51.70 support

Key Talking Points

  • Litecoin price is currently under pressure below the $53.00 and $52.70 levels (Data feed of Kraken) against the US Dollar.
  • There was a break below a major bullish trend line with support at $53.80 on the hourly chart of the LTC/USD pair.
  • LTC price might find support near the $51.50-51.70 zone for a short term recovery.

Litecoin Price Forecast

There was no major recovery in litecoin price above the $54.00 resistance against the US dollar. The LTC/USD pair extended its decline and broke the $52.80 support area as well.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price started a downside correction from the $56.35 high and declined below the $54.00 and $52.80 support levels. There was even a close below the $53.50 level and the 100 hourly simple moving average.

The recent decline was such that the price even broke the 61.8% Fib retracement level of the last major upside from the $50.27 low to $56.35 high. Besides, there was a break below a major bullish trend line with support at $53.80 on the hourly chart of the LTC/USD pair.

These all are negative signs and it indicates chances of more declines below $52.00 in the near term. An immediate support is at $51.80 and the 76.4% Fib retracement level of the last major upside from the $50.27 low to $56.35 high.

The mentioned $51.75-51.80 zone may perhaps act as a strong support since it was a resistance earlier. If buyers protect losses, the price could bounce back above the $53.00 level.

However, the 100 hourly SMA and the $53.50 level might act as a barrier for buyers. Moreover, the $54.00 level is a strong resistance, above which the price will most likely resume its upside move.

Overall, the $51.70 support area holds the key for the next move in litecoin price in the near term.

The market data is provided by TradingView.



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