The price of Litecoin has not improved and has fallen below $ 50.00 compared to the US dollar. LTC / USD has moved into a bearish zone, with sellers under control of $ 50.00.
Key points of conversation
- The price of Litecoin declined sharply and broke the support area of $ 50.00 (Kraken Data Feed) against the US dollar.
- The main downtrend line highlighted yesterday played well with the current resistance at $ 51.40 on the hourly chart of the LTC / USD pair.
- The LTC price settled below the $ 50.00 support and the 100-hour simple moving average.
Pricing of Litecoin prices
Yesterday we discussed the fact that the litecoin price could try to break up above $ 52.50 from the US dollar. However, the LTC / USD pair failed to gain ground above the resistance levels of $ 52.20 and $ 52.50.
Looking at the chart, the LTC price suffered an increase in selling pressure, which led to heavy slips below support levels $ 51.00 and $ 50.00. The decline was such that the price stabilized below the $ 50.00 level and the simple 100-hour moving average.
It traded at $ 47.41 and then started an upward correction. Buyers pushed the price above the $ 58.50 level and Fib 23.6% retracement level of the last slide from $ 52.28 up to $ 47.41 below.
However, there are many resistances close to the $ 49.80, $ 50.00 and $ 51.00 levels. In addition, the main downtrend line highlighted yesterday is still in place with the current resistance at $ 51.40 on the hourly chart of the LTC / USD pair.
More importantly, the 50% fiber retracement level of the last slide from $ 52.28 up to $ 47.41 below is also positioned near the $ 50.00 level. Therefore, if the price continues to correct higher, it could face many offers near the levels of $ 49.80, $ 50.00 and $ 51.00.
On the downside, initial support is close to the $ 48.00 level followed by the recent low at $ 47,40. If the litecoin price can not remain above the $ 47.40 level, there may be further drops to the $ 45.00 level. The main negative support is near the $ 42.00 level.
Market data is provided by TradingView.