Home Charts Litecoin Price Analysis: LTC/USD’s Rebound Faces Crucial Hurdle

Litecoin Price Analysis: LTC/USD’s Rebound Faces Crucial Hurdle

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Litecoin price fell sharply below $30.00 and traded towards $25.00 against the US Dollar. LTC/USD started an upside correction but struggled near $32.00.

  • Litecoin price declined heavily and traded towards the $25.00-26.00 zone (Data feed of Kraken) against the US Dollar.
  • There is a key bearish trend line in place with resistance at $31.40 on the hourly chart of the LTC/USD pair.
  • LTC price must break the $32.00 and $34.00 resistance levels to recover further in the near term.

Litecoin Price Forecast

The past few days were very bearish for Litecoin price as it declined sharply below $35.00 and $30.00 against the US dollar. The LTC/USD pair even broke the $28.00 support area and traded close to the $25.00-26.00 zone.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price tested the $26.00 level and formed a low at $26.35. Later, there was a sharp upward correction and the price traded above the $28.00 and $30.00 resistance levels.

During the upside, the price broke the 61.8% Fib retracement level of the last drop from the $32.86 high to $26.35 low. However, the upside move was capped by the $32.00 resistance zone and the 100 hourly simple moving average.

There was also no close above the 76.4% Fib retracement level of the last drop from the $32.86 high to $26.35 low. Besides, there is a key bearish trend line in place with resistance at $31.40 on the hourly chart of the LTC/USD pair.

The price clearly failed to break the $32.00 resistance and retreated from highs. If the price has to recover further, it must break the $32.00 resistance, above which the next major hurdle for buyers is near the $34.00-35.00 zone.

Overall, Litecoin price trimmed all of its 2018 gains and is back below the $35.00 level. LTC price must recover quickly above the $35.00 and $40.00 level, else there is a risk of more losses. It could even trade below the $25.00 level if sellers remain in action in the near future.

Source: EthereumWorldNews

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