Litecoin (LTC) Price analysis: probably complete downward correction

The price of Litecoin has declined recently after it has failed near the $ 37.00 level. It is likely that the LTC will start a new upward move above the $ 32.00 and $ 34.00 resistors.

Key points of conversation

• The price of Litecoin dropped recently below the support level of $ 34.00 (Kraken Data Feed) compared to the US dollar.
• There was an interruption over a short-term channel with resistance at $ 31.00 on the hourly chart.
• The LTC price can continue to operate higher towards the resistance levels $ 34.00 or $ 35.00.

Litecoin price analysis

Recently, we discussed the chances that the litecoin price would prove the resistance of $ 40 against the US dollar. The LTC / USD pair increased, but could not overcome the resistance of $ 37.00.

Looking at the chart, the LTC price reached its highest level near the $ 36.73 level and then started a downward correction. It decreased dramatically and broke the support level of $ 35.00. There was also a closing below the $ 32.00 level and a simple 100-hour moving average.

The price was traded close to the $ 30.00 level at which buyers emerged. A minimum was formed at $ 26.69 and thereafter the price starts to rise higher. It broke the Fibre 23.6% retracement level of the recent decline from $ 36.73 up to $ 26.69 down.

Also, there was an interruption over a short-term channel with resistance at $ 31.00 on the hourly chart. He eliminated the route by pushing for $ 33.00 and the 100-hour SMA.

The next big resistance is close to $ 33.20 and Fibra's 50% retracement level of the recent decline from $ 36.73 up to $ 26.69 down. If there is a break above $ 33.00 and $ 34.00 resistance levels, there could be a solid upward move in the short term.

Overall, the litecoin price clearly failed the pace above the $ 37.00 level and fell heavily. Going forward, he must overcome the resistance of $ 34.00 to make another attempt. Otherwise, it could revisit the $ 30.00 support area. Below $ 30.00, the price may also fluctuate towards the $ 28.00 short-term support.

Market data is provided by TradingView.