Litecoin price failed to hold gains above $85.00 and declined against the US Dollar. LTC/USD is now at a risk of more declines towards the $80.00 support.
Key Talking Points
- Litecoin price struggled to move higher and declined below the $85.00 support (Data feed of Kraken) against the US Dollar.
- This week’s important bullish trend line with support at $85.00 was breached on the hourly chart of the LTC/USD pair.
- The pair is now trading well below the $85.00 support and the 100 hourly simple moving average.
Litecoin Price Forecast
Yesterday, we discussed about a crucial resistance near $89.00-90.00 in litecoin price against the US dollar. The LTC/USD pair struggled to move higher, resulting in a downside break below a key support at $85.00.
Looking at the chart, the price started a fresh downside wave and moved below the $85.00 and $84.00 support levels. There was also a break below the 50% Fib retracement level of the last leg from the $77.88 low to $89.89 high.
More importantly, this week’s important bullish trend line with support at $85.00 was breached on the hourly chart of the LTC/USD pair. It opened the doors for more losses and the price declined below the $82.00 level.
An immediate support is near the 76.4% Fib retracement level of the last leg from the $77.88 low to $89.89 high at $80.70. However, the most important support is at $80.00. Below this last, there is a risk of more declines towards the last swing low of $78.00.
On the flip side, if litecoin price corrects higher from the current levels, then the previous support at $84.00 could prevent upsides. Above, the next major barrier is at $85.00 and the 100 hourly simple moving average.
The current price action suggests that litecoin moved into a bearish zone below $85.00. Therefore, there are high chances that LTC/USD may well accelerate declines towards the $80.00 and $78.00 support levels. Resistances on the upside are at $84.00 and $85.00.
The market data is provided by TradingView.