Litecoin price extended slides below the $ 51.00 level against the US Dollar. LTC/USD traded below $ 50.00 and it is currently correcting higher towards resistances.
Key Talking Points
- Litecoin price failed to correct substantially and declined below $ 51.00 (Data feed of Kraken) against the US Dollar.
- There is a short-term bearish flag pattern forming with resistance at $ 52.00 on the hourly chart of the LTC/USD pair.
- LTC price is currently correcting higher, but upsides are likely to be capped near $ 52.00 and $ 53.75.
Litecoin Price Forecast
Yesterday, we saw a major downside below $ 55.00 in litecoin price against the US dollar. The LTC/USD pair later corrected higher, but upsides were limited and the price resumed its decline below the $ 52.00 level.
Looking at the chart, LTC price declined further and broke the $ 51.00 and $ 50.00 levels. The price traded to a new weekly low at $ 49.81 and it is still trading well below the 100 hourly simple moving average.
At the moment, the price is correcting higher above the $ 50.00 level. An initial resistance is near the 23.6% Fib retracement level of the last slide from the $ 57.67 high to $ 49.81 low. More importantly, there is a strong resistance formed near $ 52.00.
There is also a short-term bearish flag pattern forming with resistance at $ 52.00 on the hourly chart of the LTC/USD pair. Should the price break the channel resistance, it could correct higher towards the $ 53.75 and $ 54.00 resistance levels.
Moreover, the 50% Fib retracement level of the last slide from the $ 57.67 high to $ 49.81 low is near the $ 53.75 level to act as a solid hurdle for buyers.
On the flip side, if the price breaks down again below the channel support and $ 50.00, there could be sharp downsides. The next major support below $ 50.00 is observed near the $ 47.00 level.
Overall, the current structure is pointing more declines in litecoin price as long as the price is below $ 54.00. A convincing break and close above $ 54.00 and $ 55.00 is needed for a trend change.
The market data is provided by TradingView.
The post Litecoin Price Analysis: LTC/USD Bearish Continuation Likely appeared first on Ethereum World News.