Litecoin's price extended the downturns and approached the $ 50.00 level against the US dollar. LTC / USD remains at risk of further reductions if sellers push the price below $ 50.00
Key Talking Points
- The price of Litecoin has further decreased to the important support of $ 50.00 (Feed of Kraken data) compared to the US dollar.
- There was a break below the key contract triangle followed yesterday with support for $ 54.00 on the hourly chart of the LTC / USD pair.
- The LTC price is running higher, but could face strong resistance near $ 53.00 and $ 54.00.
Litecoin Price Forecast
Yesterday we discussed the fact that there could be more decreases below $ 55.00 in the litecoin price compared to the US dollar. The LTC / USD pair started a bearish move and broke the $ 54.00 and $ 52.00 support
Looking at the chart, the LTC price declined and c & a # 39; was even a peak below the $ 50.00 support. A new monthly minimum stood at $ 49.85 and the price is now trading well below the 100-hour simple moving average.
More importantly, there was a break below yesterday's main triangle followed with support for $ 54.00 on the hourly chart of the LTC / USD pair. The chart indicates that the price is following a monstrous descending channel with support near the $ 49.60 level.
At the beginning, the price is consolidating close to $ 50.00 with immediate resistance at $ 51.40 and the Fib retracement level of 23.6% of the last slide from $ 56.54 lower to $ 49.85.
Above $ 51.40, there is a bearish trend line in place with resistance at $ 52.50 followed by the Fib 50% retracement level of the last slide from $ 56.54 at the top to $ 49.85 down to $ 53.20.
Therefore, if the price corrects higher, it is likely to face many obstacles near the levels of $ 52.00 and $ 54.00. To recover positively, buyers must push the price above $ 55.00.
On the other hand, if the price of litecoin continues to fall and settles below $ 50.00, there could be bad declines towards $ 45.00 and $ 42.00 in the short term.  Market data is provided by TradingView.