Litecoin price declined recently and settled below $55.50 against the US Dollar. LTC/USD could continue to move down towards the $52.00 and $50.00 support levels.
Key Talking Points
- Litecoin price is under a lot of bearish pressure with a close below $57.00 (Data feed of Kraken) against the US Dollar.
- There is a new connecting bearish trend line in place with resistance at $55.50 on the hourly chart of the LTC/USD pair.
- LTC may well continue to move down and it could even break the $52.99 swing low in the near term.
Litecoin Price Forecast
There was a sharp bearish reaction from the $60.00 swing high in litecoin price against the US dollar. The LTC/USD pair started a downside move and settled below the $57.00 and $55.50 support levels.
Looking at the chart, LTC price was rejected from the $57.50 level and the 100 hourly simple moving average. The price even broke the $55.00 support level and traded as low as $52.99. At the moment, the price is currently consolidating losses and is trading near $54.00.
An initial resistance on the upside is the 23.6% Fib retracement level of the last slide from the $58.91 high to $52.99 low. There is also a new connecting bearish trend line in place with resistance at $55.50 on the hourly chart of the LTC/USD pair.
The trend line resistance is close to the 50% Fib retracement level of the last slide from the $58.91 high to $52.99 low. Therefore, if the price continues to move higher, it could face sellers near the $55.00 and $55.50 resistance levels.
Above $55.50, the price may perhaps test the $58.00 level followed by the last swing high at $58.91. On the downside, the recent low of $52.99 is a short-term support, below which, the price could test the $50.00 support.
Overall, litecoin price (LTC) has moved into a bearish zone below $55.50 and if there is an upside correction, sellers are likely to appear near $55.50 and $57.50.
The market data is provided by TradingView.