Litecoin Price Analysis: LTC/USD Could Revisit $100


Litecoin price failed to hold the $135 and $130 support levels against the US Dollar. LTC/USD declined sharply and it could even test the $100 support level in the near term.

Key Talking Points

  • Litecoin price declined heavily and even broke a major support at $130 (Data feed of Kraken) against the US Dollar.
  • There is a new connecting bearish trend line forming with resistance near $130 on the hourly chart of the LTC/USD pair.
  • The pair is currently trading above $120, but it may continue to move down in the near term.

Litecoin Price Forecast

There was an upside rejection in litecoin price from the $136 level against the US dollar. The LTC/USD pair tumbled and broke the $135-136 support area to move into a bearish zone.

Looking at the chart, the price was under a lot of pressure since it even failed to hold a major support at $130. The price even broke the last swing low of $128.50 and declined towards $125.

Litecoin Price Analysis LTC USD

A low was formed at $124.91 and it seems like the price may continue to move down in the near term. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $136.15 high to $124.91 low.

However, the most important resistance on the upside is near $128.50 and $130.00. Both the stated levels acted as a support earlier, and now it may prevent gains above $130.00. There is also a new connecting bearish trend line forming with resistance near $130 on the hourly chart of the LTC/USD pair.

Moreover, the 50% Fib retracement level of the last decline from the $136.15 high to $124.91 low is positioned near the $130.50 level. Therefore, if the price corrects higher from the current levels, it will most likely face hurdles near $128 and $130.

On the downside, the $125 level is a short term support for litecoin. A break and close below $125 may perhaps open the doors for a push towards $100.

The market data is provided by TradingView.



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