Litecoin (LTC) Price Analysis: Sell Rallies Near $32 and $35

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Litecoin price moved into a bearish zone below the $ 35.00 support. LTC may continue to move down and it may soon test the $ 28.00 or $ 26.00 support levels.

Key Talking Points

  • Litecoin price fell sharply this past week and broke the $ 40.00 and $ 35.00 supports (Data feed of Kraken) against the US Dollar.
  • There is a short term bearish trend line formed with resistance at $ 32.00 on the hourly chart.
  • LTC price may correct a few points, but it remains sell near the $ 32.00 and $ 34.00 levels.

Litecoin Price Analysis

This past week, there was a sharp downward move from well above $ 38.00 in litecoin price against the US dollar. The LTC/USD pair broke the $ 38.00 and $ 35.00 support levels to move into a bearish zone.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price traded in a range above the $ 31.00 level for some time, but late sellers gained control. The price declined below the $ 31.00 and $ 30.00 levels and settled well below the 100 hourly simple moving average.

A low was formed at $ 29.63 and the price is currently correcting higher. It is testing the 23.6% Fib retracement level of the last decline from the $ 32.81 high to $ 29.63 low.

On the upside, there are many hurdles near the $ 31.20 and $ 32.00 levels. There is also a short term bearish trend line formed with resistance at $ 32.00 on the hourly chart. Besides, the 50% Fib retracement level of the last decline from the $ 32.81 high to $ 29.63 low is near the $ 31.22 level.

Therefore, if there is an upside correction, the price is likely to struggle near the $ 31.20 and $ 32.00 resistance levels. Above the trend line, the next hurdle is near the $ 32.50 level and the 100 hourly SMA.

Once the current correction is complete, litecoin price is likely to resume its decline below $ 30.00. If LTC breaks the $ 29.50 support level, there could be additional declines towards the $ 28.00 and $ 26.00 levels. On the flip side, a successful close above $ 33.20 may open the doors for a decent recovery.

The market data is provided by TradingView.

The post Litecoin (LTC) Price Analysis: Sell Rallies Near $ 32 and $ 35 appeared first on Ethereum World News.

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