Litecoin's price further declined and tested the $ 50.00 support against the US dollar. LTC / USD may correct some points, but increases are likely to remain limited
Key issues for discussion
· The price of Litecoin has declined dramatically and has broken the support level of $ 55.00 ( Kraken data feeds) against the US dollar.
· The important bearish trend line followed by yesterday is still intact with resistance around the $ 59.20 level on the hourly chart of the LTC / USD pair.
· LTC may perhaps correct some points, but may face sellers close to $ 55.00 and $ 58.00.
Litecoin Price Forecast
Yesterday we discussed that the price of litecoin could fall to a level of $ 50.00 compared to the US dollar. The LTC / USD pair declined heavily, broke the $ 55.00 support and traded a few points below the $ 50.00 level.
Looking at the chartthe LTC price fell below the $ 52.00 level and even broke the $ 50.00 level. A minimum amounted to $ 49.40 and thereafter the price fixed the consolidated losses above the $ 50.00 level.
He is testing the Fibre 23.6% retracement level of the recent fall from $ 60.65 to $ 49.40 low. Above the $ 52.00-53.00 zone, the price could test the $ 55.00 level. The claimed level of $ 55.00 is likely to act as a resistance since it was previously a support.
In addition, the 50% Fibra retracement level of the recent decline from $ 60.65 to $ 49.40 is close to the $ 55.00 level. Above this, yesterday's major downtrend remained intact with a resistance around the $ 59.20 level on the LTC / USD pair hourly chart.
The resistance of the trend line near $ 59.20 coincides with the 100-hour moving average. Therefore, if the price corrects higher than current levels, it is likely that sellers close to the levels of $ 55.00 and $ 59.00.
On the other hand, the $ 50.00 support area is very important. If the litecoin price does not exceed $ 50.00, it may continue to fall. The next major support is $ 48.00, followed by the $ 44.00 level.
Market data is provided by TradingView.