The price of Litecoin continues to struggle to break the resistance of $ 53.00 against the US dollar. LTC / USD now risks a bearish break below the support level of $ 51.00.
Key points of conversation
- The price of Litecoin failed once again to overcome the resistances from $ 52.50 and $ 53.00 (Kraken data feed) compared to the US dollar.
- There is a major breakout model with resistance close to $ 52.20 on the hourly chart of the LTC / USD pair.
- The LTC price runs the risk of a bearish break below the $ 51.00 short-term support level.
Pricing of Litecoin prices
This week, we were looking for an upward break above the resistance of $ 53.00 in the litecoin price compared to the US dollar. However, the LTC / USD has struggled on many occasions to break resistance levels of $ 52.50 and $ 53.00.
Looking at the chart, the recent LTC price stood at a low level near the $ 51.30 level and subsequently started an upward correction. It has moved above the $ 52.00 and $ 52.25 levels, but the price has struggled to gain momentum above the simple 100-hour moving average.
Furthermore, it was a failed attempt to disrupt the Fib retracement level of 61.8% from the last major decline from the low of $ 53.25 to $ 51.30 floating low.
The price was declined near the $ 52.50 level and later the price started a new decline. It moved down and broke the $ 52.00 level and the 100-hour SMA. The decline was such that the price was traded near the last minimum of $ 51.30.
At the moment, the price is trading well below the resistance of $ 52.50 and the 100-hour SMA. More importantly, there is a major breakout model with resistance close to $ 52.20 on the hourly chart of the LTC / USD pair.
If the pair breaks up above the $ 52.20 level, it could even break the resistance of $ 52.50. The next resistance is close to the barrier of $ 53.00.
On the other hand, if the price of litecoin fails to exceed the resistance levels of $ 52.20 and $ 52.50, there may be an important downward move below the minimum of $ 51.30 and the ; support area $ 51.00.
Market data is provided by TradingView.