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Litecoin price failed to stay above $60.00 and declined sharply against the US Dollar. LTC/USD is currently at a risk of more losses below the $56.00 support.

Key Talking Points

  • Litecoin price faced selling pressure recently and declined below $59.00 (Data feed of Kraken) against the US Dollar.
  • The LTC/USD pair failed near a major bearish trend line with current resistance at $59.50 on the hourly chart.
  • LTC price is currently correcting higher, but upsides are likely to face sellers near $59.00 and $60.00.

Litecoin Price Forecast

Yesterday, we discussed a possible upside break towards the $65.00 level in litecoin price against the US dollar. However, the LTC/USD pair failed to stay above the $61.00 and $60.00 levels, and declined recently.

Looking at the chart, LTC price clearly failed to settle above the 100 hourly simple moving average and the $61.50 level. There was a sharp bearish reaction from the $61.50 swing high and the price declined below the $60.00 support.

More importantly, the price failed near a major bearish trend line with current resistance at $59.50 on the same chart. The decline was such that the price broke a key support at $59.00.

It traded close to the $56.50 support and formed a low at $56.42. At present, it is correcting higher towards the 23.6% Fib retracement level of the recent drop from the $61.50 swing high to $56.42 low.

It may perhaps continue to move higher in the short term towards the $59.00 level, which was a support earlier and now it could act as a resistance. It also coincides with the 50% Fib retracement level of the recent drop from the $61.50 swing high to $56.42 low.

Therefore, if there is an upside correction, the price is likely to face a strong resistance near the $59.00 level and the same bearish trend line.

On the downside, the $56.50 support holds the key for litecoin price. If there is a break below $56.50 and $56.00, it could open the doors for a push towards $52.00 and $50.00.

The market data is provided by TradingView.

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Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets

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