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The litecoin price has plummeted and traded below the $ 44.00 support against the US dollar. LTC / USD traded close to $ 40.00 and remains in an important downward trend.
Key points of conversation
- The price of Litecoin is under much selling pressure below the support of $ 44.00 (Kraken Data Feed) compared to the US dollar.
- This is a short-lived downward triangle that is formed with resistance to $ 42.50 on the hourly chart of the LTC / USD pair.
- The LTC price remains at risk of further losses towards the $ 40.00 and $ 30.00 levels.
Pricing of Litecoin prices
Yesterday we discussed the fact that the price of litecoin became bearish below the $ 50.00 support against the US dollar. The LTC / USD pair gained bearish momentum and fell below support levels $ 48.00 and $ 45.00.
Looking at the chart, the LTC price has been under much pressure as it has fallen to a new annual minimum of less than $ 42.00. The price has been traded near the $ 40.00 handle and is currently well below the 100-hour simple moving average.
Low was formed at $ 40.27 and later the highest correct price. It has moved above the $ 42.00 level and the Fib retracement level to 23.6% of the recent slide from $ 49.98 up to $ 40.27 down.
However, the gains were protected by the $ 44.00 resistance, which was a resistance previously. More importantly, there is a short-term downtrend triangle formed with resistance to $ 42.50 on the hourly chart of the LTC / USD pair.
Therefore, there is a risk of further losses below support levels of $ 42.00 and $ 40.00 in the short term. On the other hand, if there is an upward correction above the resistance of $ 42.50, the price could test the resistance of $ 45.00.
The 50% Fibra retracement level of the recently slipped from $ 49.98 up to $ 40.27 below is also around $ 45.00 as a barrier. Overall, the decline in litecoin prices seems real below $ 50.00 and $ 45.00. Any upward correction from current levels could face sellers close to $ 44.00, $ 45.00 or $ 48.00. On the downside, the main support is $ 40.00, below which the price could go down to $ 38.00.
Market data is provided by TradingView.
