Litecoin's price has dropped recently and has stabilized below $ 55.50 against the US dollar. LTC / USD may continue to fall towards support levels $ 52.00 and $ 50.00.
Key Talking Points
- Litecoin's price is under strong downward pressure with a closing below $ 57.00 (Kraken Data Feed) compared to the US dollar.
- C & # 39; is a new bearish trend line in place with resistance at $ 55.50 on the hourly chart of the LTC / USD pair.
- LTC could continue to move down and could even break the $ 52.99 minimum in the near term
Litecoin Price Forecast
There was a sharp downward reaction from the price of $ 60.00 of the litecoin price compared to the US dollar. The LTC / USD pair started a downward movement and settled below the support levels $ 57.00 and $ 55.50
Looking at the chart, the LTC price was rejected by the $ 57.50 level and the 100-hour simple moving average. The price even exceeded the support level of $ 55.00 and reached $ 52.99. At the moment, the price is currently consolidating losses and trading near $ 54.00.
An initial upward resistance is the 23.6% fiber retracement level of the last slide from the low of $ 58.91 to $ 52.99 low. There is also a new bearish trend line in place with resistance at $ 55.50 on the hourly chart of the LTC / USD pair.
The resistance of the trend line is close to the Fib 50% retracement level of the last slide from $ 58.91 high to $ 52.99 low. Therefore, if the price continues to move higher, it may face sellers close to resistance levels $ 55.00 and $ 55.50.
Above $ 55.50, the price could perhaps test the $ 58.00 level followed by the last swing high at $ 58.91. On the downside, the recent $ 52.99 minimum is a short-term support, below which the price could test the $ 50.00 support.
Overall, the litecoin price (LTC) has moved into a bearish zone below $ 55.50 and if there is an upward correction, sellers may appear close to $ 55.50 and $ 57 , 50.
Market data is provided by TradingView.