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Litecoin's price extended below the $ 75.00 level against the US dollar. LTC / USD is currently trading close to crucial support, which could trigger an upward correction.
Key Talking Points
· Litecoin's price declined some points and traded below the Kraken $ 75.00 (Data Feed) level against the US dollar.
· This week followed the fundamental bearish trend line with a resistance of $ 75.80 on the hourly chart of the LTC / USD pair.
· [19659004] The pair is likely to correct higher as long as it exceeds the support area of $ 74.50.
Litecoin price forecast
No major upward correction above $ 78.00 was made in the litecoin price compared to the US dollar. The LTC / USD pair resumed its slippage and even broke the $ 75.00 support to trade the new weekly low
Looking at the chart the price was trading at $ 74.84 and currently trades in downside area. On the downside, there is significant support close to $ 74.50, which is also a pivot level.
On the upside, initial resistance is close to 23.6% Fib retracement level of the last drop from $ 79.22 up to $ 74, 84 below. More importantly, the crucial trend line followed this week is intact with resistance at $ 75.80 on the hourly chart of the LTC / USD pair.
It seems that the price is able to break the resistance of the trend line and $ 76.00 to start a recovery. The next resistance approaches the 50% retracement level of the last decline, from $ 79.22 up to $ 74.84 down to $ 77.03.
To further recover, the price must break the $ 77.00 and $ 78.00 resistance levels. However, above $ 78.00, recoveries could be limited. If the price decreases again, it can be traded below $ 75.00 and $ 74.84.
However, the $ 74.50 level is a crucial support, where litecoin buyers could take a position. If they can not defend $ 74.50, the price of litecoin could perhaps extend the current decline to $ 72.00 and $ 70.00 in the short term.
Market data is provided by TradingView.
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