Litecoin's price declined sharply and broke the $ 80.00 support against the US dollar. LTC / USD traded at $ 76.00 and remains at risk for further losses.
Key Talking Points
- The price of Litecoin failed to remain above the $ 80.00 support and fell heavily (Kraken data feeds) against the US dollar.  There is a downtrend line formed with resistance near $ 79.00 on the hourly chart of the LTC / USD pair.
- The pair may correct higher, but he is likely to resume his slip below the $ 76.20 support.
Litecoin Pricing Pricing
During the last few hours, the litecoin price has increased its selling pressure of less than $ 82.00 compared to the US dollar. The LTC / USD pair dropped sharply and broke the $ 80.00 and $ 78.00 levels.
Looking at the chart, the price was traded towards the $ 75.00 support and stood at a low of $ 76.20. At the moment, the price is trading well below the support of $ 80.00 and the simple 100-hour moving average, which are bearish signals.
The price can be consolidated in the short term above the $ 76.00 level, but the positive sides are likely to be limited. An initial resistance is close to the Fiber retracement level of 23.6% from the last decline from $ 82.49 high to $ 76.20 low.
Also, there is a bearish trend line formed with resistance close to $ 79.00 on the hourly chart of the LTC / USD pair. Above the resistance of the trendline, the $ 80.00 level is likely to prevent rises.
The $ 80.00 level mentioned was previously a support and now coincides with the Fibon 50% retracement level of the last drop from $ 82.49 up to $ 76.20 below. Therefore, major recoveries are likely to deal with sellers near the $ 79.00 and $ 80.00 levels.
On the downside, the recent low at $ 76.20 is short-term support. The immediate next and an important support are at $ 75.00, below which, the price will most likely fall towards $ 70.00.
Overall, the price of litecoin is under pressure and only a close back above $ 80.00 could reduce sales pressure.  Market data is provided by TradingView.