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The price of Litecoin failed to exceed the resistance of $ 33.00 and suffered a recent decline. LTC is currently trading above $ 30.00 and recoveries towards $ 32.00 or $ 33.00 could face sellers.
Key points of conversation
- The price of Litecoin again failed to cancel the resistance from $ 33.00 and $ 33.20 (Kraken data feed) against the US dollar.
- There was a break below an important uptrend line with support for $ 31.50 on the hourly chart.
- The LTC price is currently consolidating above $ 30.00, but remains at risk of further losses towards $ 28.00.
Litecoin price analysis
In the last litecoin analysis, we discussed above the next key break in the LTC price compared to the US dollar. The LTC / USD pair failed to gain bullish momentum above the resistance of $ 33.00, resulting in a bearish zone.
Looking at the chart, the LTC price exceeded $ 33.05 and traded below support levels of $ 32.00 and $ 31.00. There was also a close below the support level of $ 31.50 and the simple 100-hour moving average.
Furthermore, there was a break below an important uptrend line with support for $ 31.50 on the hourly chart, opening the door to further losses. The price traded near the support level $ 30.00 and a new intra-day low was formed at $ 30.33.
At the moment, there is a short-term contractual triangle, with a resistance of $ 30.80 on the same chart. Above the triangle, the 23.6% Fibra retracement level of the recent decline from $ 33.03 upwards to $ 30.33 below is $ 30.97.
Therefore, a break above $ 31.00 is necessary for a short-term recovery. The next key resistance is close to $ 31.50, the simple 100-hour moving average and the 50% Fibra retracement level of the recent decline from $ 33.03 up to $ 30.33 below.
To start a new upward move towards the $ 33.00 resistance, the litecoin price must exceed the resistance of $ 31.50 and the SMA at 100 hours. If LTC buyers fail to cancel the aforementioned resistance, there is a risk of a bearish break below support levels $ 30.00 and $ 29.50. The next major support is $ 28.00 and $ 27.50.
Market data is provided by TradingView.
