Litecoin price declined heavily and moved below the $115 support against the US Dollar. LTC/USD almost tested the $100 handle and is currently correcting higher.
Key Talking Points
- Litecoin price declined sharply and moved below the $120 and $115 supports (Data feed of Kraken) against the US Dollar.
- There is a new connecting bearish trend line forming with resistance at $110 on the hourly chart of the LTC/USD pair.
- The pair is currently correcting higher, but upsides are likely to be capped by the $110 level.
Litecoin Price Forecast
There was a major downside move initiated from well above the $118 level in litecoin price against the US dollar. The LTC/USD pair declined sharply and broke many supports on the way down such as $115 and $110.
Looking at the chart, the price is in a bearish zone with a close below the $110 support. It almost traded close to the $100 handle and a low was formed around the $102 level.
The price is currently correcting higher and is trading near the 23.6% Fib retracement level of the last decline from the $119 high to $102 low. However, there are many barriers on the upside for buyers near the $108 level.
There is also a new connecting bearish trend line forming with resistance at $110 on the hourly chart of the LTC/USD pair. Above the trend line resistance, the next major hurdle for buyers is near the $108 and $110 levels.
More importantly, the 50% Fib retracement level of the last decline from the $119 high to $102 low is also around the $110 level to prevent upsides in the near term.
On the downside, the recent low of $102 is a short-term support. A break below the stated level could open the doors for a push below the $100 handle. The next major support sits around the $95 level.
The overall market sentiment is bearish, and any recoveries are likely to face hurdles near $110.
The market data is provided by TradingView.
See Original Post
Author: Aayush Jindal
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