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The price of Litecoin struggled to maintain support of $ 32.00 and declined further against the US dollar. LTC / USD could also break the $ 30.00 support and test the $ 25.00 level.
Key points of conversation
- The price of Litecoin is under much pressure below $ 32.00 and $ 34.00 (Kraken Data Feed) against the US Dollar.
- There was a break below a key triangle model with support for $ 31.80 on the hourly chart of the LTC / USD pair.
- The price of LTC is under pressure and could be reduced to around $ 25.00 in the short term.
Pricing of Litecoin prices
Yesterday we discussed the importance of the support area of $ 32.00 for the litecoin price compared to the US dollar. The LTC / USD pair attempted an upward move but failed to break the $ 34.00 resistance, causing a new decline.
Looking at the chart, the LTC price has declined recently and has broken support levels of $ 32.50 and $ 32.00. The decline was such that the price even broke the $ 30.00 support area and is currently well below the 100-hour simple moving average.
Also, there was a break below a key triangle model with support for $ 31.80 on the hourly chart of the LTC / USD pair. It opened the door to more losses and the price was trading at $ 29.55.
The price is currently consolidating losses, with a downward angle below the $ 31.50 level. An initial resistance is close to the Fib retracement level at 23.6% of the recent decline from a minimum of $ 34.11 to a minimum of $ 29.55.
However, the most important resistance is close to the $ 32.50 level and 100-hour SMA. Also, previous support near $ 32.00 will probably act as a resistance. Even the 50% Fibra retracement level of the recent decline from the low of $ 34.11 to $ 29.55 is close to $ 32.00.
Therefore, if the litecoin price starts an upward correction, it is likely that it will deal with sellers near resistance levels of $ 31.50 and $ 32.00. Only a positive closing above the last swing at $ 34.00 could open the door to a good recovery. On the negative side, LTC is likely to test the $ 26.00 or $ 25.00 level.
Market data is provided by TradingView.
