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Litecoin's price extended the downturns and approached the $ 60.00 level against the US dollar. It is likely that LTC / USD will fall further and may even break the support of $ 60.00
Key Talking Points
- Litecoin's price failed to recover and fell below $ 65 support, 00 (Kraken data feed) compared to the US dollar. [19659004] This is a short-term breakout model that is formed with a resistance near $ 64.00 on the hourly chart of the LTC / USD pair.
- The pair remains at risk of further losses below $ 61.00 and $ 60.00 in the short term. [19659006] Litecoin price forecast
Yesterday, we recorded heavy declines in litecoin prices below the $ 70.00 level against the US dollar. We have discussed that the LTC / USD could extend the decline and could even test the $ 60.00 level.
Looking at the chart, the LTC price fell below the $ 65.00 support and approached the $ 60.00 level. A minimum amounted to $ 61.06 and the current price is rising
Recently tested the 23.6% retracement level of Fibra of the recent decline from $ 75.30 up to $ 61.06 Low. However, the price is facing a lot of obstacles near the $ 64.00 and $ 65.00 levels.
In addition, there is a short-term breakout model that is formed with resistance close to $ 64.00 on the hourly chart of the LTC / USD pair. If the price breaks the resistance of the triangle and exceeds $ 65.00, it can test the resistance after $ 68.00.
The declared resistance levels of $ 68.00 represent the 50% retracement level of Fibra from the recent decline from $ 75.30 down to $ 61.06 low. The downside, if the price can not move higher and breaks the support of $ 62.00, could also break the minimum of $ 61.01.
The next support is at $ 60.00, below which the price could cope with increased sales pressure. In the case mentioned, the price could also break the support of $ 58.00.
To sum up, the current wave of litecoin price correction is likely to cope with many uptrend sellers near the levels of $ 64.00, $ 65.00 and $ 68.00. [19659008] Market data is provided by TradingView.
