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The price of Litecoin fell below the $ 50.00 support against the US dollar. LTC / USD is under much pressure below $ 50.00 and $ 51.00 levels.
Key points of conversation
- The price of Litecoin extended the downturns and traded below the $ 50.00 support (Kraken data feed) against the US dollar.
- This week follows an important downtrend line still in place with a resistance of $ 49.80 on the hourly chart of the LTC / USD pair.
- The LTC price can correct higher, but the best prices are likely to be close to the $ 50.00 level.
Pricing of Litecoin prices
Yesterday we discussed that the litecoin price could continue to fall below the $ 50.00 support against the US dollar. The LTC / USD pair extended the downturns and even broke the $ 49.50 minimum.
Looking at the chart, the LTC price was traded towards the $ 48.00 support area and formed a new monthly minimum of $ 48.22. Subsequently, there was an upward correction and the price recovered above the $ 48.80 level.
It also moved above the Fib retracement level of 23.6% from the recent decline from $ 50.96 upwards to $ 48.22 below. However, the price is still trading well below the resistance of $ 50.00 and the simple 100-hour moving average.
More importantly, this important bearish trend line followed this week is still in place with a resistance of $ 49.80 on the hourly chart of the LTC / USD pair. The trend line approaches the 50% Fibra retracement level of the recent decline from $ 50.96 upwards to $ 48.22 below.
Above the trend line, the $ 50.00 handle will likely be a solid resistance for shoppers in the short run. Therefore, if the price corrects higher, levels of $ 49.80 and $ 50.00 are likely to protect earnings.
Overall, the litecoin price is clearly under much pressure below $ 51.00 and $ 50.00 levels. As long as there are no closures greater than $ 51.00 and the simple moving average of 100 per hour, there may be additional declines. Immediate support is the recent low at $ 48.22, below which the price could test the $ 47.50 support.
Market data is provided by TradingView.
