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The price of Litecoin is still struggling to go above $ 53.00 against the US dollar. It is likely that the LTC / USD will make the next move above $ 53.00 or below $ 50.00.
Key points of conversation
- The price of Litecoin is facing a lot of obstacles close to the resistance level of $ 53.00 (Kraken Data Feed) compared to the US dollar.
- The important bearish trend line highlighted yesterday is intact with resistance to $ 52.20 on the hourly chart of the LTC / USD pair.
- The LTC price may soon make the next move above $ 53.00 or below $ 50.00.
Pricing of Litecoin prices
During the last three sessions, there were above all top moves at the $ 51.00 level in the litecoin price compared to the US dollar. The LTC / USD traded slightly below the resistance zone of $ 53.00 at a bearish angle.
Looking at the chart, the LTC price failed to gain momentum above the levels of $ 52.50 and $ 53.00. The maximum of the last swing was close to $ 53.26 before the price started a bearish move.
It fell below the $ 52.50 level and the 100-hour simple moving average. Also, there was a break below the 50% Fibre retracement level of the last wave from the low of $ 50.98 to $ 53.26 at the top.
The current price action is slightly bearish and it seems that the pair could slide further towards the support of $ 51.00. Immediate support is close to $ 51.50 and the Fib retracement level 76.4% of the last wave from $ 50.98 minimum to $ 53.26 high.
If there is a break below the support of $ 51.00, the price could test the $ 50.00 short-term handle. Under the $ 50.00 support, the price will most likely fall to $ 48.00 or $ 46.00.
On the upside, an initial resistance is close to the $ 52.50 level. More importantly, the important downtrend line highlighted yesterday is intact with resistance to $ 52.20 on the hourly chart of the LTC / USD pair.
A break and close above the trendline, $ 52.50 and the 100-hour SMA is required for the litecoin price to achieve superior tensile strength of $ 53.00 in the next sessions.
Market data is provided by TradingView.
