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Litecoin price failed to break
the $85.00 resistance and declined recently against the US Dollar. LTC could
test the $72.00 or $70.00 support level before a fresh increase in the near
term.
Key Talking Points
- Litecoin price seems to be struggling below the
$80.00 resistance area (Data feed of Kraken) against the US Dollar. - There is a major bearish trend line formed with
resistance near the $80.10 level on the 4-hour chart. - LTC price could extend losses towards the $72.00
or $70.00 support before buyers might appear.
Litecoin Price Analysis (LTC)
In the past two sessions, there was a downside extension in bitcoin, Ethereum, EOS, ripple, litecoin and other altcoins against the US dollar. The LTC/USD pair failed to break the $85.00 resistance area and recently declined below the $80.00 support area.
Looking at the 4-hour chart, LTC price formed a swing high near $84.14 before it collapsed below the $80.00 support. It settled below the $80.00 support and the 100 simple moving average (4-hour).
It even broke the $75.00 support level and traded as low as
$73.50. It is currently consolidating losses and recently traded above the 23.6%
Fib retracement level of the last decline from the $84.14 high to $73.50 low.
On the upside, there are many hurdles near the $78.50 and
$80.00 levels. There is also a major bearish trend line formed with resistance
near the $80.10 level on the 4-hour chart.
Before the trend line, the 50% Fib retracement level of the
last decline from the $84.14 high to $73.50 low is likely to act as a strong
resistance for buyers in the near term. A proper close above the trend line,
$80.00, and the 100 simple moving average (4-hour) is needed for a trend
change.
On the downside, the main support is near the $72.00 level,
below which litecoin price is likely to extend losses. The next key support is
near $68.80, where buyers are likely to take a stand. Overall, LTC could
decline further, but dips remain supported above $68.50.
The market data is provided by TradingView.
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