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The price of Litecoin failed to exceed the resistance of $ 54.00 and fell against the US dollar. LTC / USD may continue to fall towards the $ 50.00 support level.
Key points of conversation
- The price of Litecoin is under pressure because it failed to overcome the resistance of $ 54.00 (Kraken data feed) compared to the US dollar.
- This week's key bullish trend line was outstripped with support at $ 52.60 on the LTC / USD pair hourly chart.
- The LTC price is currently in a bearish zone and could extend the downturns to the $ 50.00 handle.
Pricing of Litecoin prices
Yesterday we discussed that the price of litecoin could rise higher than the resistance from $ 53.50 and $ 54.00 against the US dollar. The LTC / USD is currently under much pressure and could fall below $ 51.00 and $ 50.00 levels.
Looking at the chart, the LTC price has failed on many occasions to break resistance levels of $ 53.80 and $ 54.00. As a result, there was a downward move and the price broke the $ 52.00 support area.
There was also a break below the $ 51.00 level and a simple 100-hour moving average. More importantly, this week's key bullish trend line was outstripped with support at $ 52.60 on the hourly chart of the LTC / USD pair.
The pair traded at $ 50.94 and is currently consolidating losses. Initial resistance approaches the Fib retracement level of 23.6% from the recent decline from $ 58.06 high to $ 50.94 low.
There appears to be strong resistance formed near the $ 53.00 level and 100-hour SMA. Above this, the price could rise to $ 54.00 resistance and the Fibra 50% retracement level of the recent decline from $ 58.6 in high to $ 50.94 below.
On the downside, the levels of $ 51.00 and $ 50.00 are important supports. Below these, there may be a sharp decline in the litecoin price below the $ 48.00 level. However, the current price action indicates that the price could remain above $ 50.00 and could recover over $ 53.00.
Market data is provided by TradingView.
