Litecoin price analysis: Upcoming $ 35 targets for LTC / USD sellers


The price of Litecoin is struggling to stay above the $ 40.00 support against the US dollar. LTC / USD remains at risk of a solid downward movement towards $ 35.00.

Key points of conversation

  • The price of Litecoin is facing higher selling pressure below the $ 42.00 level (Kraken Data Feed) compared to the US dollar.
  • There is a downtrend linking line formed with resistance at $ 42.00 on the hourly chart of the LTC / USD pair.
  • The LTC price could accelerate drops once there is a break below $ 40.00 and $ 39.50.

Pricing of Litecoin prices

Last week we witnessed a significant downward shift from the price of $ 50.00 to the price increase of litecoin against the US dollar. The LTC / USD fell heavily and stabilized below support levels $ 45.00 and $ 42.00.

LTEC price analysis chart Litecoin

Looking at the chart, the LTC price even broke the $ 40.00 level and reached a low of $ 39.60. Next, there was an upward correction and the price moved above the $ 42.00 level. There was also a break above the Fib 23.6% retracement level of the recent decline from the low of $ 49.90 to $ 39.60 low swinging.

However, the upward move was limited by $ 44.00 and $ 45.00 resistance levels. The price fell again below $ 42.00, but later made another attempt to climb higher.

The sellers remained in action near the $ 43.00 level and the simple 100-hour moving average. There is also a bearish link trend line formed with resistance to $ 42.00 on the hourly chart of the LTC / USD pair.

Therefore, it will not be easy for buyers to break resistance levels of $ 42.00 and $ 43.00. The next major resistance is close to $ 44.75 as it coincides with the 50% Fibra retracement level of the recent fall from the low of $ 49.90 to $ 39.80 in low fluctuation.

The current price action is very bearish and it seems that the price could accelerate below the $ 40.00 support in the short term. If sellers buy control, the litecoin price can fall below the minimum of $ 39.60. In the case mentioned, the next target for LTC buyers could be $ 35.00.

Market data is provided by TradingView.

[ad_2]Source link