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Litecoin's price fell below the $ 50.00 support against the US dollar. LTC / USD later recovered, but is facing many obstacles close to $ 55.00 and $ 57.00.
Key Talking Points
· The price of Litecoin extended its decline and moved below the $ 50.00 support before the recovery (Kraken Data Feed) against the US dollar.
· There was a break above a bearish trend line that binds with resistance at $ 51.80 on the hourly chart of the LTC / USD pair.
· [19659004] The price of the LTC is now facing a lot of resistance near $ 55.00 and a bearish trend line on the same chart.
Litecoin Price Forecast
Yesterday, we discussed that the price of litecoin could fall below the $ 50.00 support against the US dollar. The LTC / USD pair broke the $ 50.00 support and traded near the $ 47.00 level
Looking at the chart LTC extended losses and traded at $ 47,03. Later, buyers appeared and pushed the price above the $ 48.00 level. The price started a decent recovery and moved above the $ 50.00 resistance
There was a break above the 50% fiber retracement level of the last decline from the low of $ 56.50 to $ 47.93 low. Also, there was a break above a bearish trend line with resistance at $ 51.80 on the hourly chart of the LTC / USD pair.
The price has also moved above the $ 52.00 level, but it seems that the price is struggling to gain traction above the $ 53.00 level and the simple 100-hour moving average. Also, there is another bearish trend line positioned with resistance at $ 54.20 on the same chart.
Finally, the Fib retracement level 76.4% of the last decline from the low of $ 56.50 to $ 47,03 is at $ 54.29. Therefore, the price is likely to find strong resistance near the levels of $ 54.20 and $ 55.00.
There may be a slight negative reaction to the $ 51.50 and $ 50.00 levels where buyers are likely to take a position. If they fail, the price is likely to resume its decline to $ 47.00.
Overall, the litecoin's price has recovered well, but it will not be easy for buyers to exceed $ 54.00 and $ 55.00.
Market data is provided by TradingView.
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