The price of Litecoin has experienced a greater pressure of sale and has fallen below $ 52.70 compared to the US dollar. LTC / USD may continue to decline and may even break support at $ 51.70
Key points of conversation
- The Litecoin price is currently under pressure below $ 53.00 and $ 52.70 levels (Kraken data feed) compared to the US dollar.
- There was a break below an important uptrend line with support of $ 53.80 on the hourly chart of the LTC / USD pair.
- The LTC price could find support near the $ 51.50- 51.70 zone for a short term recovery.
Pricing of Litecoin prices
There was no big recovery in the litecoin price above the resistance of $ 54 against the US dollar. The LTC / USD pair extended its decline and also broke the $ 52.80 support area.
Looking at the chart, the LTC price started a downward correction from $ 56.55 up and down below the $ 54.00 and $ 52.80 support levels. There was also a closing below the $ 53.50 level and a simple 100-hour moving average.
The recent decline was such that the price even exceeded the Fib retracement level to 61.8% of the last significant rise from the low of $ 50.27 to that of $ 56,305 high. Furthermore, there was a break below an important uptrend line with support of $ 53.80 on the hourly chart of the LTC / USD pair.
These are all negative signs and indicates the possibility of further decreases below $ 52.00 in the short term. Immediate support is $ 51.80 and the Fib retracement level 76.4% of the last major increase from $ 50.27 down to $ 56,35 up.
The aforementioned $ 51.75-51.80 zone could perhaps serve as a strong support since it was a previous resistance. If buyers protect losses, the price may rebound above the $ 53.00 level.
However, the 100-hour SMA and the $ 53.50 level could act as a barrier for buyers. In addition, the $ 54.00 level is a strong resistance, above which the price will most likely pick up its upside move.
Overall, the $ 51.70 support area holds the key to the next move in litecoin's price in the short term.
Market data is provided by TradingView.