Price analysis of Litecoin: LTC / USD could be close to $ 20

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The price of Litecoin has fallen by over $ 300.00 from the all-time high. LTC / USD is likely to test the $ 20.00 level and may continue to bleed in the short term.

Key points of conversation

  • Litecoin's price extended losses to below $ 35.00 and sold to $ 25.00 (Kraken data feeds) against the US dollar.
  • There was a break below a declining triangle model with support for $ 27.00 on the hourly chart of the LTC / USD pair.
  • It is likely that the LTC price will extend the current decline to the support level of $ 20.00 in the short term.

Pricing of Litecoin prices

This week we have witnessed a slow and steady decline from the resistance level of $ 35.00 to the litecoin price compared to the US dollar. The LTC / USD broke a lot of major media close to $ 32.00 and $ 30.00 and fell further in a bearish zone. All major cryptocurrencies are falling heavily, including bitcoin, ethereum, ripple, neo, eos and bitcoin money.

LTEC price analysis chart Litecoin

Looking at the chart, the LTC price has dropped below the $ 28.00 support recently and has stabilized below the simple 100-hour moving average. The recent decline was such that there was no substantial recovery above the $ 30.00 level.

Also, there was a break below a declining triangle model with support for $ 27.00 on the hourly chart of the LTC / USD pair. He opened the doors for a support level test of $ 25.00.

The price fell below $ 25.00 and formed a new monthly minimum near $ 24.90. The current price action is super-bearish and it seems that the price may continue to slide. Litecoin has returned to pre-rally levels ($ 20.00 to $ 360.00 rallies) and sellers appear to have full control.

Initial resistance is close to the $ 26.50 level and Fib 23.6% retracement level of the recent decline from $ 30.11 upwards to $ 24.91 below. However, the main resistance for buyers is close to the $ 28.00 and $ 30.00 levels, which were previously supported.

In addition, Fibra's 50% retracement level of the recent decline from $ 30.11 to $ 24.91 is close to $ 27.50 to serve as an obstacle for buyers. Therefore, the litecoin price may continue to slide and it seems that LTC can even test the $ 20.00 level.

Market data is provided by TradingView.

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