Litecoin price failed to recover above the $54.00 level and declined against the US Dollar. LTC/USD remains at a risk of more losses as long as it is below $55.00.
Key Talking Points
- Litecoin price is struggling to move past the $54.00 and $55.00 resistances (Data feed of Kraken) against the US Dollar.
- There are two bearish trend lines in place with resistance at $52.80 and $53.80 on the hourly chart of the LTC/USD pair.
- LTC price may continue to move as long as there is no close above $55.00.
Litecoin Price Forecast
After testing the $50.00 support, litecoin price started an upside correction against the US dollar. The LTC/USD pair traded above the $52.00 resistance, but it failed to clear the $54.00 hurdle.
Looking at the chart, LTC price traded as high as $53.88 and later started a downside correction. The price moved below the $52.00 support and even broke the 61.8% Fib retracement level of the last wave from the $49.89 low to $53.88 high.
However, buyers appeared near the $51.00 support and protected declines. The 76.4% Fib retracement level of the last wave from the $49.89 low to $53.88 high also acted as a support.
On the upside, an initial resistance is near the $52.50 level and the 100 hourly simple moving average. There are also two bearish trend lines in place with resistance at $52.80 and $53.80 on the hourly chart of the LTC/USD pair.
The second bearish trend line positioned at the $53.80 level is a significant resistance along with the $54.00 level. Above these, the next major hurdle for buyers is near the $55.00 level.
A proper break and close above the $54.00 and $55.00 resistance levels is needed for buyers to take control in the near term.
If litecoin price continues to fail near the $54.00 resistance, there could be more declines. There is even a risk of a downside break below the $50.00 support area, which could lead LTC/USD towards the $44.00 level.
The market data is provided by TradingView.