Litecoin price extended its decline after a rejection from the $ 110 level against the US Dollar. LTC/USD declined sharply and moved below the $ 100 handle.
Key Talking Points
- Litecoin price struggled to recover and declined below the $ 100 handle (Data feed of Kraken) against the US Dollar.
- There is a new connecting bearish trend line forming with resistance near $ 104 on the hourly chart of the LTC/USD pair.
- The pair may correct a few points, but it is likely to face sellers near the $ 103 and $ 104 levels in the near term.
Litecoin Price Forecast
There was a tiny correction above the $ 105 level in litecoin price against the US dollar. The LTC/USD pair traded towards the $ 108 and $ 110 resistance levels, where sellers appeared and prevented upsides.
Looking at the chart, the price failed to break the $ 108 resistance and declined. There was a rejection from the 38.2% Fib retracement level of the last decline from the $ 120 swing to $ 103 low.
The price faced an increasing selling pressure, which resulted in a downside move from the $ 108 resistance. It declined and broke the $ 105 and $ 103 support levels. More importantly, there was a break below the $ 100 handle.
The recent low was formed near $ 97.46 before the price started consolidating losses. There is a chance of an upside correction from the current levels toward the $ 102 and $ 104 levels. There is also a new connecting bearish trend line forming with resistance near $ 104 on the hourly chart of the LTC/USD pair.
The 23.6% Fib retracement level of the last decline from $ 114.31 high to $ 97.46 low. Above the mentioned fib level, the price could trade toward the $ 105 level, which is the next resistance.
It seems like an upside break above the $ 105 level is needed for buyers to gain momentum. If the price fails to recover, it could decline below the $ 97.45 low. The next support is near the $ 95.00 support in the near term.
The market data is provided by TradingView.
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