Litecoin price extended declines towards the $30.00 support level against the US Dollar. LTC/USD is likely to rebound in the short term towards the $35.00 or $38.00 levels.
Key Talking Points
- Litecoin price is under a lot of pressure as sellers managed to push it towards $30.00 (Data feed of Kraken) against the US Dollar.
- There is a major bearish trend line in place with resistance at $33.30 on the hourly chart of the LTC/USD pair.
- LTC price may perhaps correct towards the $35.00 or $38.00 resistance level.
Litecoin Price Forecast
Yesterday, we saw a major downside move below the $35.00 level in litecoin price against the US dollar. The LTC/USD pair moved down sharply and traded below the $33.00 and $32.00 levels.
Looking at the chart, LTC price declined close to the $30.00 level after it broke the $35.30 support area. A swing low was formed at $30.30 and the price is currently consolidating losses.
On the upside, an initial resistance is near the $33.20 level and the 23.6% Fib retracement level of the recent slide from the $43.05 high to $30.30 low. Moreover, there is a major bearish trend line in place with resistance at $33.30 on the hourly chart of the LTC/USD pair.
The current price structure is short term positive above $30.00, but the price is trading well below the 100 hourly simple moving average. In the short term, there could be an upside correction above the $33.30 level.
The next major resistance is near the $35.30 level, which was a support earlier. Above this, the price could test the 50% Fib retracement level of the recent slide from the $43.05 high to $30.30 low at $36.67.
Overall, there are a few positive signs above the $30.00 support. Therefore, Litecoin price may perhaps correct higher towards the $35.00 or $36.00 level in the short term. Above $36.00, LTC could test the $38.00 level. On the downside, the key support is at $30.00, below which the price may slide to $25.00.