Litecoin Price Analysis: LTC / USD turns south towards $ 50

The price of Litecoin collapsed and broke the $ 60.00 support area against the US dollar. LTC / USD is correcting higher, but could face sellers close to $ 58.00 and $ 59.00.

Key Talking Points

• The price of Litecoin made a strong U-turn and fell below the support of $ 60.00 (Kraken Data Feed) compared to the US dollar.
• This week followed a crucial uptrend line was surpassed with support for $ 66.10 on the hourly chart of the LTC / USD pair.
• The LTC price was traded towards the $ 54.00 support area and currently corrects higher.

Litecoin Pricing Pricing

There was a large bearish reaction recorded in the litecoin price from the $ 69.30 swing against the US dollar. The LTC / USD pair declined sharply and broke many supports like $ 64.00, $ 60.00 and even $ 58.00.

Looking at the chart, the price of the LTC suffered much bearish pressure and started a bearish move once the sellers pushed the price below the $ 68 support , 00. The price dropped significantly, broke the $ 60.00 support and even stabilized below the simple 100-hour moving average.

During the decline, this week followed a crucial uptrend line with a support of $ 66.10 on the hourly chart of the LTC / USD pair. Finally, there was an interruption below the support area of ​​$ 58.50.

The price was trading from $ 54.00 and then a recovery started. It traded above $ 56.00, but appears to be facing a resistance near $ 57.00. The 23.6% Fibra retracement level of the recent decline from $ 69.29 upwards to $ 54.00 below is also $ 57.61 to serve as an obstacle for buyers.

If the price moves further, it could test the resistance of $ 58.50, which was previously a support. Beyond this, the price could test Fibra's 50% retracement level of the recent decline from $ 69.29 up to $ 54.00 down to $ 61.64.

Overall, the litecoin price is back in a bearish zone under the $ 60.00 support area. If the price of the LTC is restored in the short term, it will likely cope with many sellers close to the resistance from $ 57.00, $ 58.00 and $ 60.00

Market data is provided by TradingView.