Litecoin price analysis: LTC / USD could resume its decline

Litecoin's price was adjusted above the $ 58.00 level against the US dollar. LTC / USD failed to overcome the resistance of $ 60.00 and is currently lowering.

Key Talking Points

· The price of Litecoin failed to exceed the resistance of $ 60.00 and decreased once again (Kraken data feeds) against the US dollar.

· C & # 39; is a breakout model formed with support near the $ 54.20 level on the hourly chart of the LTC / USD pair.

· LTC must remain above the support area of ​​$ 54.00 to avoid further slides in the short term.

Litecoin Price Forecast

There was a short-term rebound started from the $ 50.00 support in the litecoin price compared to the US dollar. The LTC / USD pair has exceeded the resistance levels $ 55.00 and $ 58.00, but has faced many upward sellers.

Looking at the chart the LTC price met strong resistance near the $ 60.00 level and exceeded $ 59.31. It fell below the $ 57.00 level and the 23.6% retracement level of the last wave from the low of $ 49.46 to $ 49.31.

  Price Analysis Litecoin LTC USD

In addition, there was a closing below the $ 48.00 level and the simple 100-hour moving average. The price is currently traded near the $ 54.00-55.000 support area and is under selling pressure.

More importantly, there is a breakout model that is formed with support close to the $ 54.20 level on the hourly chart of the LTC / USD pair. Support for the trend line approaches the 50% Fibra retracement level of the last wave, from $ 49.46 down to $ 49.31 up.

Therefore, the price must remain above the support area $ 54.00-54.20 to avoid further slides. In the event of an interruption and closing below $ 54.00, the price could perhaps retest the $ 50 support area.

On the other hand, if the price recovers from current levels, it could deal with sellers close to the $ 58.00 and $ 59.00 levels. However, the most important resistance for buyers is close to the $ 60.00 level.

Overall, the litecoin price remains at risk of further losses if buyers fail to keep the price above the $ 54.00 support.

Market data is provided by TradingView.

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