[ad_1]
The price of Litecoin has fallen by over $ 300.00 from the all-time high. LTC / USD is likely to test the $ 20.00 level and may continue to bleed in the short term.
Key points of conversation
- Litecoin's price extended losses to below $ 35.00 and sold to $ 25.00 (Kraken data feeds) against the US dollar.
- There was a break below a declining triangle model with support for $ 27.00 on the hourly chart of the LTC / USD pair.
- It is likely that the LTC price will extend the current decline to the support level of $ 20.00 in the short term.
Pricing of Litecoin prices
This week we have witnessed a slow and steady decline from the resistance level of $ 35.00 to the litecoin price compared to the US dollar. The LTC / USD broke a lot of major media close to $ 32.00 and $ 30.00 and fell further in a bearish zone. All major cryptocurrencies are falling heavily, including bitcoin, ethereum, ripple, neo, eos and bitcoin money.
Looking at the chart, the LTC price has dropped below the $ 28.00 support recently and has stabilized below the simple 100-hour moving average. The recent decline was such that there was no substantial recovery above the $ 30.00 level.
Also, there was a break below a declining triangle model with support for $ 27.00 on the hourly chart of the LTC / USD pair. He opened the doors for a support level test of $ 25.00.
The price fell below $ 25.00 and formed a new monthly minimum near $ 24.90. The current price action is super-bearish and it seems that the price may continue to slide. Litecoin has returned to pre-rally levels ($ 20.00 to $ 360.00 rallies) and sellers appear to have full control.
Initial resistance is close to the $ 26.50 level and Fib 23.6% retracement level of the recent decline from $ 30.11 upwards to $ 24.91 below. However, the main resistance for buyers is close to the $ 28.00 and $ 30.00 levels, which were previously supported.
In addition, Fibra's 50% retracement level of the recent decline from $ 30.11 to $ 24.91 is close to $ 27.50 to serve as an obstacle for buyers. Therefore, the litecoin price may continue to slide and it seems that LTC can even test the $ 20.00 level.
Market data is provided by TradingView.
