Litecoin price failed to hold the $60.00 support against the US Dollar. LTC/USD might continue to decline towards $53.00 or even $50.00.
Key Talking Points
- Litecoin price failed to hold an important support area at $62.00-60.00 against the US Dollar.
- There are two bearish trend lines forming with resistance at $59.00 on the hourly chart of LTC/USD.
- The pair is likely to extend declines toward $52.00 and $50.00 in the near term.
Litecoin Price Forecast
After a nice upside move towards $70.00, Litecoin price faced strong sell offers against the US Dollar. The price started a downside move and breached a couple of important support levels such as $64.00, $62.00 and $60.00.
The downside move was such that the price even broke the 50% Fib retracement level of the last wave from the $53.00 low to $62.80 high, and settled below the 100 hourly simple moving average. At the moment, the price is approaching the $53.50 support area, which is a short-term support.
On the upside, there are two bearish trend lines forming with resistance at $59.00 on the hourly chart of LTC/USD (data feed of Kraken exchange). These trend lines are important near $59.00-60.00 since these are aligned with the 100 hourly SMA.
A break above the $60.00 resistance and the 100 hourly SMA is required for buyers to step in and push the price back towards $65.00.
On the flip side, the price is already below the 76.4% Fib retracement level of the last wave from the $53.00 low to $62.80 high. Therefore, there are chances of at least a retest of the $53.00 swing low.
If sellers remain in action, Litecoin price could even trade towards the 1.236 extension of the last wave from the $53.00 low to $62.80 high at $50.69.
The overall short-term trend for LTC/USD is bearish as long as the pair is below $60.00. An increase in the bearish pressure would easily drag the price back toward the $50.50-50.00 support, which is a major buy zone in the near term.
Trade safe traders and do not overtrade!
TheBitcoinNews.com – Bitcoin News source since 2012
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise