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The price of Litecoin declined further and tested the $ 35.00 support area against the US dollar. LTC / USD may correct higher, but it is likely to find sellers close to $ 40.00.
Key points of conversation
- The price of Litecoin extended the recent decline and closed close to $ 35.00 before recovery (Kraken data feed) compared to the US dollar.
- There was a break above a short-term bearish trend line with resistance at $ 36.00 on the hourly chart of the LTC / USD pair.
- The LTC price could correct higher in the short term towards $ 39.00 and $ 40.00.
Pricing of Litecoin prices
Yesterday we discussed the fact that the litecoin price could reach $ 35.00 compared to the US dollar. The LTC / USD pair moved lower under the $ 40.00 support and recorded an accelerated fall to the $ 35.00 level.
Looking at the chart, the recently adjusted LTC price to the $ 43.00 resistance level in which sellers emerged. The price rose near the $ 43.00 level and started a new decline. The sellers took control and pushed the price below the $ 40.00 level and the simple 100-hour moving average.
The decline was such that the price was traded close to the $ 35.00 target and stood at a low of $ 35.10. Subsequently, there was a minor upward correction and the price recovered above the $ 36.00 level.
There was also a break above a short-term bearish trend line with resistance to $ 36.00 on the hourly chart of the LTC / USD pair. Buyers pushed the price above the 23.6% retracement level of the recent decline from $ 43.04 up to $ 35.10 down.
It seems that the price may continue to correct higher towards the resistance levels $ 39.00 and $ 40.00. The main obstacle is close to the $ 40.00 level, which was previously a support and could now act as a resistance.
The declared area of $ 40.00 also coincides with the 100-hour SMA and the 61.8% Fibra retracement level of the recent decline from $ 43.04 in high to $ 35.10 in low.
Therefore, if there is an upward correction in the Litecoin price, it may face sellers close to $ 39.00 or $ 40.00. On the flip side, the key support is $ 35.00 for LTC buyers followed by $ 32.00.
Market data is provided by TradingView.
