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The price of Litecoin has declined strongly from well over $ 40.00. The recent decline in bitcoin, Ethereum, EOS and tron has affected LTC's market sentiment towards $ 30.00.
Key points of conversation
- Litecoin's price fell more than 20% from the $ 40.00 level (Kraken Data Feed) compared to the US dollar.
- There was a break below a fundamental uptrend line with support for $ 38.50 on the hourly chart.
- The LTC price remains at risk of further losses, but the $ 30.00 support can protect additional slides.
Litecoin price analysis
Last week we saw a solid upward push above the resistance of $ 38.00 in the litecoin price compared to the US dollar. The LTC / USD pair even broke the $ 40.00 barrier and traded near the $ 41.50 level.
Looking at the chart, the LTC price was trading at $ 41.13 and later started a bearish move. Recently, sellers gained control and pushed the price below support levels of $ 40.00 and $ 38.00.
The sellers pushed the price below the $ 35.00 support and the 100-hour simple moving average. Also, there was a break below a fundamental uptrend line with support for $ 38.50 on the hourly chart. He opened the door for further losses of less than $ 34.00.
The price was traded below the fiber retracement level of 61.8% of the last wave, from $ 30.97 to $ 41.13. The current price action is super bearish below $ 34.00 and the Fib retracement level 76.4% of the last wave from $ 30.97 low to $ 41.13 high.
Therefore, there is a risk of further losses below the support of $ 32.00. The next major support is $ 30.00, below which the price can extend losses towards $ 28.00. On the upside, an initial resistance is $ 34.30, above which the price could be $ 35.00.
Overall, the litecoin price clearly returned to a downward zone below $ 38.00 and $ 36.00. If sellers remain in stock, there are chances of further losses of less than $ 32.00 and $ 30.00. The downside, LTC must go back over $ 38.00 to get a bullish traction in the short term.
Market data is provided by TradingView.
