Litecoin price failed to stay above the $51.40 support and declined against the US Dollar. LTC/USD is currently at a risk of more losses below $50.00.
Key Talking Points
- Litecoin price declined recently and broke the $52.70 and $51.40 supports (Data feed of Kraken) against the US Dollar.
- There is a connecting bearish trend line in place with resistance at $51.00 on the hourly chart of the LTC/USD pair.
- LTC price might continue to move down towards the $50.00 and $49.20 support levels.
Litecoin Price Forecast
There was a slow and steady decline initiated from the $57.00 swing high in litecoin price against the US dollar. The LTC/USD pair traded below the $55.00 and $54.00 support levels to move into a bearish zone.
Looking at the chart, LTC price was under a lot of pressure below the $54.00 support and the 100 hourly simple moving average. It recently moved below the $52.70 and $51.40 support levels and extended losses below the $50.00 support.
A new weekly low was formed at $49.47 before the price corrected higher. It moved above the 50% Fib retracement level of the recent decline from the $52.38 high to $49.47 low. However, upsides remain capped near the $51.20-40 resistance zone.
Moreover, there is a connecting bearish trend line in place with resistance at $51.00 on the hourly chart of the LTC/USD pair. The pair is also struggling to surpass the 61.8% Fib retracement level of the recent decline from the $52.38 high to $49.47 low.
Therefore, it seems like an upside break above the $51.40 and $51.80 levels won’t be easy. The next important resistance is near $52.70, which was a support earlier.
Overall, litecoin price is currently trading in a bearish zone below $52.70. Sellers may remain in control and it seems like the price could extend losses below the $50.20 and $50.00 levels. The next key support is at $49.20, below which the price could revisit the $48.00 support level in the near term.
The market data is provided by TradingView.
Credit: Source link