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Litecoin's price rose near the $ 37.00 level and has recently declined relative to the US dollar. LTC / USD remains in a significant downtrend and could even trade below $ 26.00.
Key points of conversation
- The recovery of Litecoin prices failed to gain momentum above the $ 36.00 (Kraken Data Feed) compared to the US dollar.
- There was a break below an important uptrend line with support for $ 32.50 on the 4-hour chart of the LTC / USD pair.
- The LTC price is currently on a significant downtrend and could be trading below $ 26.00-25.00.
Pricing of Litecoin prices
Last week, there was a decent format support near $ 26.00 at litecoin price compared to the US dollar. The LTC / USD pair started a solid recovery and outperformed $ 30.00 and $ 35.00.
Looking at the 4-hour chart, the LTC price has shrunk and has since passed the resistance of $ 32.00. There was a break above the 50% fiber retracement level of the last sharp drop from $ 43.01 up to $ 26.63 down.
However, the upward move was limited by the $ 36.60-37.00 zone and the simple moving average of 100 (4 hours). Furthermore, the price failed to break a bearish trend line with current resistance at $ 32.50 on the same chart.
Finally, there was a refusal close to the Fib retracement level of 61.8% from the last major decline from $ 43.01 higher to $ 26.63 lower. As a result, there was a new decline below $ 32.00 and a bullish trend line with support for $ 32.50 on the same chart.
The price is now trading well below the $ 35.00 level and the simple moving average at 100 (4 hours). It seems that the price may continue to fall and could break the levels of $ 30.00 and $ 28.00.
If sellers remain in stock, the price could even break the $ 26.60 minimum and test the $ 25.00 support level. Overall, the litecoin price remains in a significant downtrend as long as it is less than $ 35.00. If LTC sellers push the price below $ 25.00, there may be a sharp decline to the $ 20.00 level.
Market data is provided by TradingView.
