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Price analysis of Litecoin: LTC / USD could rebound in the short term

The price of Litecoin declined to a support level of $ 30.00 against the US dollar. The LTC / USD is likely to rebound shortly to levels of $ 35.00 or $ 38.00.

Key points of conversation

  • The price of Litecoin is under pressure because the sellers managed to push it towards $ 30.00 (Kraken Data Feed) compared to the US dollar.
  • There is a downtrend line in place with resistance at $ 33.30 on the hourly chart of the LTC / USD pair.
  • The LTC price may perhaps correct towards the resistance level $ 35.00 or $ 38.00.

Pricing of Litecoin prices

Yesterday we witnessed an important downward movement below the $ 35.00 level in the litecoin price compared to the US dollar. The LTC / USD pair moved sharply and traded below $ 33.00 and $ 32.00 levels.

LTEC price analysis chart Litecoin

Looking at the chart, the LTC price declined near the $ 30.00 level after breaking the $ 35.30 support area. A low swing has been formed at $ 30.30 and the price is currently consolidating losses.

On the upside, initial resistance is close to the level of $ 33.20 and the Fib retracement level 23.6% of the recent slide from $ 43.05 upwards to $ 30.30 below. In addition, there is a bearish trend line in place with resistance at $ 33.30 on the hourly chart of the LTC / USD pair.

The current price structure is positive in the short term above $ 30.00, but the price is trading well below the simple 100-hour moving average. In the short term, there may be an upward correction above the $ 33.30 level.

The next major resistance is close to the $ 35.30 level, which was previously a support. Beyond this, the price could test the 50% Fibra retracement level of the recent slide from $ 43.05 high to $ 30.30 down to $ 36.67.

Overall, there are some positive signs above the $ 30.00 support. Therefore, the price of Litecoin could perhaps correct higher towards the $ 35.00 or $ 36.00 short-term level. Over $ 36.00, LTC could test the $ 38.00 level. On the downside, the key support is $ 30.00, below which the price can go down to $ 25.00.

Market data is provided by TradingView.

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