Price analysis of Litecoin: LTC / USD at risk of further losses

The price of Litecoin failed to remain above the $ 51.40 support and fell against the US dollar. LTC / USD is currently at risk of further losses of less than $ 50.00.

Key points of conversation

• The price of Litecoin has declined recently and has broken the supports of $ 52.70 and $ 51.40 (Kraken data feeds) compared to the US dollar.
• There is a bearish trend line in place with resistance at $ 51.00 on the hourly chart of the LTC / USD pair.
• The LTC price could continue to fall towards support levels $ 50.00 and $ 49.20.

Pricing of Litecoin prices

There was a slow and steady decline started by the dizzying rise of $ 57.00 in the litecoin price compared to the US dollar. The LTC / USD was traded below support levels $ 55.00 and $ 54.00 to move to a bearish zone.

Looking at the chart, the LTC price was under a lot of pressure under the $ 54.00 support and the simple 100-hour moving average. It has recently moved below support levels of $ 52.70 and $ 51.40 and has extended losses below the $ 50.00 support.

A new weekly minimum was formed at $ 49.47 before the price was corrected higher. It has moved above the 50% Fibra retracement level of the recent decline from $ 52.38 up to $ 49.47 below. However, the highest points remain closed near the resistance zone $ 51.20-40.

In addition, there is a bearish trend line in place with resistance at $ 51.00 on the hourly chart of the LTC / USD pair. The pair is also struggling to break the Fib retracement level to 61.8% from the recent decline from $ 52.38 up to $ 49.47 below.

Therefore, it seems that a break up above $ 51.40 and $ 51.80 will not be easy. The next major resistance is close to $ 52.70, which was previously a support.

Overall, the litecoin price is currently trading in a downward zone below $ 52.70. Sellers can keep control and it seems that the price could extend losses below the levels of $ 50.20 and $ 50.00. The next key support is $ 49.20, below which the price could revisit the $ 48.00 support level in the short term.

Market data is provided by TradingView.