Litecoin price failed to settle above $35.00 and declined recently against the US Dollar. LTC/USD is currently trading near the $31.50 support and it could recover higher.
Key Talking Points
- Litecoin price spiked above the $35.00 and $36.00 resistances and later declined (Data feed of Kraken) against the US Dollar.
- There is a major bearish trend line formed with resistance at $34.00 on the hourly chart of the LTC/USD pair.
- LTC price must stay above the $31.50 and $30.80 support levels to bounce back in the near term.
Litecoin Price Forecast
Recently, there was a nice upward move above the $34.00 level in litecoin price against the US dollar. The LTC/USD pair surged above the $35.00 and $36.00 resistance levels, but it failed to hold gains.
Looking at the chart, LTC price traded as high as $36.97 and later declined sharply. It traded below the $34.00 level and the 100 hourly simple moving average. There was even a break below the $32.00 level before buyers appeared near the $31.50 level.
A low was formed at $31.45 and the price is currently consolidating losses. An initial resistance is near the $32.80 level and the 100 hourly simple moving average. The mentioned level also coincides with the 23.6% Fib retracement level of the recent decline from the $36.97 high to $31.45 low.
Moreover, there is a major bearish trend line formed with resistance at $34.00 on the hourly chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $36.97 high to $31.45 low.
Therefore, a close above the trend line and the $35.00 resistance is required for further gains in the near term. On the downside, an initial support is at $31.50 followed by the $30.50 pivot area.
Overall, litecoin price is currently trading above the $31.50 and $30.80 support levels. As long as there is no close below $30.00, the price is likely to climb above $34.00 and $35.00.
The market data is provided by TradingView.
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