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The price of Litecoin dropped sharply below $ 30.00 and traded towards $ 25.00 against the US dollar. LTC / USD started an upward correction, but struggled around $ 32.00.
Key points of conversation
- The price of Litecoin has declined heavily and has moved to the area from $ 25.00 to 26.00 (Kraken data feed) compared to the US dollar.
- There is a key downtrend line in place with resistance at $ 31.40 on the hourly chart of the LTC / USD pair.
- The LTC price must break resistance levels $ 32.00 and $ 34.00 to further recover in the short term.
Pricing of Litecoin prices
The last few days have been very bearish for the litecoin price, as they dropped dramatically below $ 35.00 and $ 30.00 compared to the US dollar. The LTC / USD pair even broke the $ 28.00 support area and traded near the $ 25.00-26.00 area.
Looking at the chart, the LTC price tested the $ 26.00 level and reached a minimum of $ 26.35. Next, there was a sharp upward correction and the price was trading above the resistance levels $ 28.00 and $ 30.00.
During the upturn, the price broke the Fib retracement level 61.8% from the last decline from $ 32.86 up to $ 26.35 lower. However, the upward move was limited by the resistance zone of $ 32.00 and the simple 100-hour moving average.
There was also a closing above the Fib retracement level of 76.4% from the last down from $ 32.86 up to $ 26.35 below. Furthermore, there is a bearish trend line in place with resistance at $ 31.40 on the hourly chart of the LTC / USD pair.
The price clearly failed to overcome the resistance of $ 32.00 and withdrew from the highs. If the price has to recover further, it must break the resistance of $ 32.00, above which the next major obstacle for buyers is close to the $ 34.00-35.00 zone.
Overall, Litecoin's price cut all its 2018 earnings and returned below the $ 35.00 level. The LTC price must rebound quickly above the $ 35.00 and $ 40.00 level, otherwise there is the risk of further losses. It could even trade below the $ 25.00 level if sellers remain in stock in the near future.
Market data is provided by TradingView.
