Litecoin price is down more than $300.00 from the all-time high. LTC/USD is likely to test the $20.00 level and it could continue to bleed in the near term.
Key Talking Points
- Litecoin price extended losses below $35.00 and traded towards $25.00 (Data feed of Kraken) against the US Dollar.
- There was a break below a declining triangle pattern with support at $27.00 on the hourly chart of the LTC/USD pair.
- LTC price is likely to extend the current decline towards the $20.00 support level in the near term.
Litecoin Price Forecast
This week, we saw a slow and steady decline from the $35.00 resistance level in litecoin price against the US dollar. The LTC/USD pair broke many important supports near $32.00 and $30.00 and fell further into a bearish zone. All major cryptocurrencies are down heavily, including bitcoin, ethereum, ripple, neo, eos and bitcoin cash.
Looking at the chart, LTC price declined below the $28.00 support recently and settled below the 100 hourly simple moving average. The recent decline was such that there was hardly any substantial recovery above the $30.00 level.
Moreover, there was a break below a declining triangle pattern with support at $27.00 on the hourly chart of the LTC/USD pair. It opened the doors for a test of the $25.00 support level.
The price spiked below $25.00 and formed a new multi month low near $24.90. The current price action is super bearish and it seems like the price may continue to slide. Litecoin is back to pre-rally levels (rally from $20.00 to $360.00) and it seems like sellers are in full control.
An initial resistance is near the $26.50 level and the 23.6% Fib retracement level of the recent decline from the $30.11 high to $24.91 low. However, the main resistance for buyers is near the $28.00 and $30.00 levels, which were supports earlier.
Moreover, the 50% Fib retracement level of the recent decline from the $30.11 high to $24.91 low is near $27.50 to act as a solid hurdle for buyers. Therefore, litecoin price may continue to slide and it seems like LTC may even test the $20.00 level.
The market data is provided by TradingView.
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