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The price of Litecoin is struggling to stay above the $ 40.00 support against the US dollar. LTC / USD remains at risk of a solid downward movement towards $ 35.00.
Key points of conversation
- The price of Litecoin is facing higher selling pressure below the $ 42.00 level (Kraken Data Feed) compared to the US dollar.
- There is a downtrend linking line formed with resistance at $ 42.00 on the hourly chart of the LTC / USD pair.
- The LTC price could accelerate drops once there is a break below $ 40.00 and $ 39.50.
Pricing of Litecoin prices
Last week we witnessed a significant downward shift from the price of $ 50.00 to the price increase of litecoin against the US dollar. The LTC / USD fell heavily and stabilized below support levels $ 45.00 and $ 42.00.
Looking at the chart, the LTC price even broke the $ 40.00 level and reached a low of $ 39.60. Next, there was an upward correction and the price moved above the $ 42.00 level. There was also a break above the Fib 23.6% retracement level of the recent decline from the low of $ 49.90 to $ 39.60 low swinging.
However, the upward move was limited by $ 44.00 and $ 45.00 resistance levels. The price fell again below $ 42.00, but later made another attempt to climb higher.
The sellers remained in action near the $ 43.00 level and the simple 100-hour moving average. There is also a bearish link trend line formed with resistance to $ 42.00 on the hourly chart of the LTC / USD pair.
Therefore, it will not be easy for buyers to break resistance levels of $ 42.00 and $ 43.00. The next major resistance is close to $ 44.75 as it coincides with the 50% Fibra retracement level of the recent fall from the low of $ 49.90 to $ 39.80 in low fluctuation.
The current price action is very bearish and it seems that the price could accelerate below the $ 40.00 support in the short term. If sellers buy control, the litecoin price can fall below the minimum of $ 39.60. In the case mentioned, the next target for LTC buyers could be $ 35.00.
Market data is provided by TradingView.
