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The price of Litecoin has fallen heavily and traded close to $ 22.00. LTC / USD is currently recovering, but reversals are likely to be around $ 26.00, $ 28.00 or $ 30.00.
Key points of conversation
· Litecoin's price fell sharply below support levels $ 35.00 and $ 30.00 (Kraken data feed) compared to the US dollar.
· C & # 39; is a crucial bearish trend line formed with resistance at $ 26.00 on the hourly chart of the LTC / USD pair.
· It is likely that the LTC price escapes resistance levels of $ 26.00, $ 28.00 and $ 30.00.
Pricing of Litecoin prices
Ultimately, we discussed that the liteco price could be close to $ 20.00 compared to the US dollar. The LTC / USD pair stayed in a bearish zone and traded below $ 28.00 and $ 26.00 below support levels.
Looking at the graphic, The LTC price has shrunk near the $ 22.00 level and has stabilized below the 100-hour simple moving average. A new monthly minimum was formed at $ 22.26 and subsequently the price started an upward correction.
It has moved above the $ 24.00 level and the Fib retracement level 23.6% of the last drop from $ 30.10 up to $ 22.26 down. However, the upward move was limited by the resistance levels $ 26.00 and $ 26.50 plus the 100-hour SMA.
More importantly, there is a bearish trend line formed with resistance at $ 26.00 on the hourly chart of the LTC / USD pair. The pair also failed near the 50% retracement level of Fibers last drop from $ 30.10 up to $ 22.26 below.
Therefore, the price is likely to hold strong resistance near $ 26.00 and SMA at 100 hours. Above the trendline and $ 26.00, the price is likely to test the next big resistance near $ 28.00.
To summarize, the price of litecoin remains in an important downtrend as long as it is less than $ 30.00. If LTC attempts an upward correction, it may face sellers close to resistance levels $ 26.00, $ 28.00, and $ 30.00. On the downside, the recent $ 22.20 minimum is a decent support, followed by the $ 20.00 handgun.
Market data is provided by TradingView.
