Litecoin price failed to recover above the $ 54.00 level and declined against the US Dollar. LTC / USD remains at risk of more losses as long as it is $ 55.00.
Key Talking Points
- Price is struggling to move past $ 54.00 and $ 55.00 resistances (Data feed of Kraken) against the US Dollar.
- There are two bearish lines in place with resistance at $ 52.80 and $ 53.80 on the hourly chart of the LTC / USD pair.
- LTC price may continue to move as long as there is no longer above $ 55.00.
Litecoin Price Forecast
After testing the $ 50.00 support, litecoin price started an upside correction against the US dollar. The LTC / USD pair traded above the $ 52.00 resistance, but it failed to clear the $ 54.00 hurdle.
Looking at the chart, LTC price traded as high as $ 53.88 and later started at downside correction. 61.8% Fibers to the price of the 53.89 low to $ 53.88 high.
However, buyers appeared near the $ 51.00 support and protected declines. The 76.4% Fib retracement level of the last wave from the $ 49.89 low to $ 53.88 high also acted as a support.
On the upside, an initial resistance is near the $ 52.50 level and the 100 hourly simple moving average. There are also two bearish lines in place with resistance at $ 52.80 and $ 53.80 on the hourly chart of the LTC / USD pair.
The second bearish trend line at $ 53.80 level is a significant resistance along with the $ 54.00 level. Above these, the next major hurdle for buyers is near the $ 55.00 level.
$ 54.00 and $ 55.00 for a break and close to $ 55.00.
Price litorein price continues to fail near the $ 54.00 resistance, there could be more declines. There is even a risk of downside break below the $ 50.00 support area, which could lead LTC / USD towards the $ 44.00 level.
The market data is provided by TradingView.