The price of Litecoin dropped further below the $ 40.00 level against the US dollar. LTC / USD is currently correcting higher, but could face sellers close to $ 45.00.
Key points of conversation
- The price of Litecoin extended the downturns and reached the limit of $ 40.00 (Kraken Data Feed) compared to the US dollar.
- There was a break above a short-term consolidation model with resistance at $ 42.10 on the hourly chart of the LTC / USD pair.
- The LTC price may correct further, but it is likely to resist near the $ 44.00 or $ 45.00 level.
Pricing of Litecoin prices
Yesterday we witnessed a sharp drop below the $ 50.00 support on the litecoin price compared to the US dollar. The LTC / USD pair declined significantly and exceeded support levels $ 46.00 and $ 44.00.
Looking at the chart, the LTC price recently extended the downturns and reached the $ 40.00 handgrip limit. A new annual minimum amounted to $ 39.62 and the price is now trading well below the $ 48.00 rotation level plus the 100-hour moving average.
Recently, the price has been recovered and has moved above the levels of $ 40.00 and $ 41.00. There was also a break above the fiber retracement level of 23.6% from the low of $ 50.00 to a minimum of $ 39.62.
More importantly, there was a break above a short-term consolidation model with resistance at $ 42.10 on the hourly chart of the LTC / USD pair. The pair is currently consolidating near the resistance of $ 44.00 with some positive signs.
However, there are a lot of bullish resistance near the $ 45.00 level. Above $ 45.00, the Fib retracement level of 61.8% of the last decline from the low of $ 50.00 to $ 39.62 is likely to act as a major obstacle near the $ 46 level, 00.
Therefore, if the price corrects higher, it will most likely be close to the resistance level of $ 45.00 or $ 46.00. On the downside, initial support is $ 42.00, below which the price can revisit the $ 40.00 level.
Overall, the litecoin price is slowly recovering, but it could complete the current wave of correction near the $ 45.00 or $ 46.00 level, and subsequently resume its decline.
Market data is provided by TradingView.