Litecoin price extended declines below the $ 50.00 support against the US Dollar. LTC/USD is under a lot of pressure below the $ 50.00 and $ 51.00 levels.
Key Talking Points
- Litecoin price extended declines and traded below the $ 50.00 support (Data feed of Kraken) against the US Dollar.
- This week’s followed important bearish trend line is still in place with resistance at $ 49.80 on the hourly chart of the LTC/USD pair.
- LTC price may correct higher, but upsides are likely to be capped near the $ 50.00 level.
Litecoin Price Forecast
Yesterday, we discussed that litecoin price could continue to move down below the $ 50.00 support against the US dollar. The LTC/USD pair extended declines and it even broke the $ 49.50 swing low.
Looking at the chart, LTC price traded towards the $ 48.00 support area and formed a new monthly low at $ 48.22. Later, there was an upside correction and the price recovered above the $ 48.80 level.
It also moved above the 23.6% Fib retracement level of the recent decline from the $ 50.96 high to $ 48.22 low. However, the price is still trading well below the $ 50.00 resistance and the 100 hourly simple moving average.
More importantly, this week’s followed important bearish trend line is still in place with resistance at $ 49.80 on the hourly chart of the LTC/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $ 50.96 high to $ 48.22 low.
Above the trend line, the $ 50.00 handle is likely to act as a solid resistance for buyers in the near term. Therefore, if the price corrects higher, the $ 49.80 and $ 50.00 levels are likely to protect gains.
Overall, litecoin price is clearly under a lot of pressure below the $ 51.00 and $ 50.00 levels. As long as there is no close above $ 51.00 and the 100 hourly simple moving average, there could be more declines. An immediate support is the recent low at $ 48.22, below which the price may test the $ 47.50 support.
The market data is provided by TradingView.
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