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Litecoin's price is under much pressure below $ 60.00 and $ 64.50 against the US dollar. LTC / USD may extend the decline to $ 50.00 if buyers fail to increase the step above $ 60.00.
Key Talking Points
- The Litecoin price further declined and broke the support of $ 60.00 (Kraken Data Feed) against the US dollar.
- is an important bearish trend line that is formed with resistance around the $ 60.10 level on the hourly chart of the LTC / USD pair.
- The pair must exceed $ 60.00 and $ 64.50 to return to a positive zone.
Litecoin Price Forecast
Last week there were heavy falls in the litecoin price well above the $ 65.00 level against the US dollar. The LTC / USD pair plummeted and broke $ 65.00, $ 64.50 and $ 60.00 support levels
Looking at the chart, the LTC price was clearly below pressure as it moved below $ 58.00. The price was trading from $ 55.12 and then started an upward correction.
It has moved above the retracement level of 50% Fibers from the last fall, going from $ 65.02 to $ 55.12. The buyers even pushed the price above the $ 60.00 level, but they failed to contain the refusal that led to the rejection.
The pair also failed near the Fib retracement level, 61.8% from the last decline from $ 65.02 in high to $ 55.12 in low and the 100 simple hourly moving average. As a result, there was a new bearish move and the price fell below the $ 60.00 level.
On the upside, there is a bearish trend line that forms with resistance around the $ 60.10 level on the hourly chart of the LTC / USD pair. The trendline close to $ 60.10 also coincides with the 100-hour SMA.
A break above the trend line and $ 60.50 could push the price towards the resistance of $ 62.00. However, the most important resistance for buyers is close to the levels of $ 64.00 and $ 64.50.
To sum up, the litecoin price is at risk of further losses below the support levels of $ 58.00 and $ 55.00 in the short term. It could even test the amount of $ 50.00 if the sellers remain in stock.
Market data is provided by TradingView.
