HomeAltcoin NewsLitecoin (LTC) Price Analysis: Risk of More Losses To $100

Litecoin (LTC) Price Analysis: Risk of More Losses To $100

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  • Litecoin started a major decline from the $130 resistance against the US Dollar.
  • LTC price is now trading below $120 and the 55 simple moving average (4-hours).
  • There was a break below a key contracting triangle with support near $124 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could extend losses if there is a move below the $110 level.

Litecoin price is gaining bearish pace below $120 against the US Dollar, similar to bitcoin. LTC price could extend losses if there is a move below $110.

Litecoin Price Analysis

This week, there was a key decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $130 resistance zone.

The price formed a top near $130 and started a major decline. There was a clear move below the $125 support level. There was also a break below a key contracting triangle with support near $124 on the 4-hours chart of the LTC/USD pair.

The pair settled below $120 and the 55 simple moving average (4-hours). It even tested the $110 level and is currently consolidating losses. On the upside, an initial resistance is near the $115 level.

The 23.6% Fib retracement level of the recent decline from the $130 swing high to $110 low is also near the $115 level. The first major resistance is near the $118 level. The main resistance is now forming near the $120 pivot level.

The 50% Fib retracement level of the recent decline from the $130 swing high to $110 low is also near $120. To start a fresh increase, the price must clear $118 and $120. In the stated case, the price could rise towards $130. The next key resistance could be $135.

On the downside, an immediate support is near the $110 level. The next key support is near the $105 level. If there is a downside break below the $105 support, the price could continue to move down towards the $100 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $120 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a move below the $110 level.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now gaining pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.

Key Support Levels – $110 and $100

Key Resistance Levels – $118 and $120.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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