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Price analysis of Litecoin: LTC / USD extends the range of trading

The price of Litecoin failed to gain momentum above $ 52.50 and declined compared to the US dollar. LTC / USD is currently trading lower against the range support around $ 51.00-51.20.

Key points of conversation

  • The price of Litecoin is still traded in a range higher than the $ 51.00 and $ 50.00 (Kraken data feeds) media compared to the US dollar.
  • There is a new downtrend line formed with resistance at $ 52.20 on the hourly chart of the LTC / USD pair.
  • The LTC price remains supported on declines near $ 51.40 and $ 51.00 in the near term.

Pricing of Litecoin prices

Yesterday, we saw a moderate rise above the $ 52.00 level of litecoin price against the US dollar. The LTC / USD pair translated to the $ 52.50 level in which sellers emerged.

LTEC price analysis chart Litecoin

Looking at the chart, the LTC price was trading well above the resistance of $ 52.00 plus the simple 100-hour moving average. In addition, the price even exceeded the Fib retracement level at 50% of the last slide, from $ 53.26 to $ 51.29.

However, the price failed to gain momentum above the $ 52.50 level. There was also a rejection noted near the Fib retracement level of 61.8% of the last slide from $ 53.26 up to $ 51.29 down.

The price has declined and has moved below the $ 52.00 level and the 100-hour SMA. The price is still supported on declines near the $ 51.40 and $ 51.00 levels in the short term. The recent decline extended the trading range above the $ 51.00 support and probably delayed the next move.

On the upside, there is a new downtrend line formed with resistance at $ 52.20 on the hourly chart of the LTC / USD pair. The pair must cross the trend line to retest the $ 52.50 level.

Once there is a break above $ 52.50, the litecoin price will most likely rise to resistance levels of $ 53.50 and $ 54.00. On the downside, buyers are willing to take a position near support levels of $ 51.40 and $ 51.00. Below $ 51.00, the next crucial support is placed near the $ 50.00 level.

Market data is provided by TradingView.

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