Litecoin price is down more than $300.00 from the all-time high. LTC/USD is likely to test the $20.00 level and it could continue to bleed in the near term.

Key Talking Points

  • Litecoin price extended losses below $35.00 and traded towards $25.00 (Data feed of Kraken) against the US Dollar.
  • There was a break below a declining triangle pattern with support at $27.00 on the hourly chart of the LTC/USD pair.
  • LTC price is likely to extend the current decline towards the $20.00 support level in the near term.

Litecoin Price Forecast

This week, we saw a slow and steady decline from the $35.00 resistance level in litecoin price against the US dollar. The LTC/USD pair broke many important supports near $32.00 and $30.00 and fell further into a bearish zone. All major cryptocurrencies are down heavily, including bitcoin, ethereum, ripple, neo, eos and bitcoin cash.

ADVERTISEMENT

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price declined below the $28.00 support recently and settled below the 100 hourly simple moving average. The recent decline was such that there was hardly any substantial recovery above the $30.00 level.

Moreover, there was a break below a declining triangle pattern with support at $27.00 on the hourly chart of the LTC/USD pair. It opened the doors for a test of the $25.00 support level.

The price spiked below $25.00 and formed a new multi month low near $24.90. The current price action is super bearish and it seems like the price may continue to slide. Litecoin is back to pre-rally levels (rally from $20.00 to $360.00) and it seems like sellers are in full control.

An initial resistance is near the $26.50 level and the 23.6% Fib retracement level of the recent decline from the $30.11 high to $24.91 low. However, the main resistance for buyers is near the $28.00 and $30.00 levels, which were supports earlier.

Moreover, the 50% Fib retracement level of the recent decline from the $30.11 high to $24.91 low is near $27.50 to act as a solid hurdle for buyers. Therefore, litecoin price may continue to slide and it seems like LTC may even test the $20.00 level.

The market data is provided by TradingView.

Original Article: https://ethereumworldnews.com/litecoin-price-analysis-ltc-usd-could-be-dead-near-20/

(Visited 1 times, 1 visits today)

Leave a Reply