The price of Litecoin failed to remain above $ 60.00 and recorded a sharp decline against the US dollar. LTC / USD is currently at risk of further losses below the $ 56.00 support.
Key points of conversation
- The price of Litecoin has recently undergone strong sales pressure and has shrunk below the $ 59.00 (Kraken Data Feed) compared to the US dollar.
- The LTC / USD pair went bankrupt near a major bearish trend line with current resistance at $ 59.50 on the hourly chart.
- The LTC price is currently in higher correction, but higher prices are likely to cope with sellers close to $ 59.00 and $ 60.00.
Pricing of Litecoin prices
Yesterday we discussed a possible rise towards the $ 65.00 level in the litecoin price compared to the US dollar. However, the LTC / USD pair failed to stay above the $ 61.00 and $ 60.00 levels, and has declined recently.
Looking at the chart, the LTC price failed to exceed the 100-hour simple moving average and the $ 61.50 level. There was a sharp downside reaction from the $ 61.50 rise and the price fell below the $ 60.00 support.
More importantly, the price has failed near an important bearish trend line with current resistance at $ 59.50 on the same chart. The decline was such that the price broke a key support at $ 59.00.
It traded near the support of $ 56.50 and stood at $ 56.42. At present, it is running higher towards the Fibre 23.6% retracement level of the recent decline from the low of $ 61.50 to $ 56.42 low.
Perhaps it could continue to rise higher in the short term towards the $ 59.00 level, which was a support previously and could now act as resistance. In addition, it coincides with Fibra's 50% retracement level of the recent decline from the low of $ 61.50 to $ 56.42 below.
Therefore, if there is an upward correction, the price should face strong resistance near the $ 59.00 level and the same downtrend line.
On the flip side, the $ 56.50 support holds the key to the litecoin price. If there is a break below $ 56.50 and $ 56.00, it may open the doors for a push towards $ 52.00 and $ 50.00.
Market data is provided by TradingView.