17.10.2019

Litecoin Price Analysis: LTC/USD’s Previous Support Now Resistance

Litecoin price recovered a few points, but it faced sellers near $50.00 against the US Dollar. LTC/USD is still trading below the $50.00 resistance and the 100 hourly SMA.

Key Talking Points

  • Litecoin price corrected higher, but it faced sellers near the $50.00 resistance (Data feed of Kraken) against the US Dollar.
  • There is a new connecting bearish trend line in place with resistance at $50.00 on the hourly chart of the LTC/USD pair.
  • LTC price is currently struggling to break the $50.00 resistance and the 100 hourly SMA.

Litecoin Price Forecast

Recently, litecoin price started a short term upside correction from the $48.00 support against the US dollar. The LTC/USD pair traded above the $49.00 and $50.00 levels, but it failed to hold gains.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price dipped once again towards the $48.00 level where buyers emerged. Later, the price started a fresh upward move and traded above the $49.00 resistance.

Buyers were able to push the price above the 50% Fib retracement level of the last slide from the $51.75 swing high to $47.40 low. However, the upside move was capped by the $50.00-50.20 zone and the 100 hourly simple moving average.

Moreover, the 61.8% Fib retracement level of the last slide from the $51.75 swing high to $47.40 low acted as a strong hurdle. Besides, there is a new connecting bearish trend line in place with resistance at $50.00 on the hourly chart of the LTC/USD pair.

Therefore, it won’t be easy for buyers to clear the $50.00 resistance and the 100 hourly SMA. Above $50.00, the price may perhaps move towards the $51.00 resistance, which was a support earlier.

On the other hand, if the price fails to move above the $50.00 resistance, there could be a fresh decline towards the $48.00 support.

Overall, litecoin price corrected nicely, but the previous support levels near $50.00 acted as a strong resistance. In the short term, there could be range moves before the price attempts to clear the $50.00 resistance.

The market data is provided by TradingView.

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