HomeAltcoin NewsLitecoin (LTC) Price Analysis: Risk of More Downsides Below $100

Litecoin (LTC) Price Analysis: Risk of More Downsides Below $100

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  • Litecoin price failed to climb above $115 and corrected lower against the US Dollar.
  • LTC price is now trading below $110 and the 55 simple moving average (4-hours).
  • There is a key rising channel forming with support near $100 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could continue to move down if it stays below the $120 pivot level.

Litecoin price is struggling below $120 against the US Dollar, similar to bitcoin. LTC price could resume lower if it breaks the $100 support zone.

Litecoin Price Analysis

This week, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $140 resistance zone and started a fresh decline.

There was a break below the $130 and $120 support levels. The price even settled below $120 and $115. A low was formed near $96.50, and the price recently corrected higher. There was a move above the $100 resistance zone.

However, the price failed to gain strength above the $110 level. It failed near the 23.6% Fib retracement level of the recent decline from the $153 swing high to $96.51 low.

The price is now trading below $120 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $102 level. There is also a key rising channel forming with support near $100 on the 4-hours chart of the LTC/USD pair.

The next key support is near the $100 level. If there is a downside break the $100 support, the price could visit $92. The next major support is near the $88 level, below which the price could slide towards the $75 level.

On the upside, litecoin is facing resistance near the $115 level. The next major resistance for the bulls is near the $125 level. It is near the 50% Fib retracement level of the recent decline from the $153 swing high to $96.51 low.  A clear move above the $125 level could pump the price. The next key resistance could be $132.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly trading below $120 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a break below the $100 support.

Technical indicators

4 hours MACD – The MACD for LTC/USD is slowly 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 – $102 and $100

Key Resistance Levels – $120 and $125.

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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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