Litecoin Price Analysis: LTC/USD Drops Sharply, Could Test $60

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Litecoin price declined sharply and broke the $72.50 and $70.00 supports against the US Dollar. LTC/USD may continue to decline towards the $60.00 level in the near term.

Key Talking Points

·         Litecoin price is under a lot of pressure as it broke the $70.00 support (Data feed of Kraken) against the US Dollar.

·         This week’s highlighted key bearish trend line prevented gains above $75.00 on the hourly chart of the LTC/USD pair.

·         The pair is currently consolidating, but it remains at a risk of more losses below $65.00.

Litecoin Price Forecast

There was a sharp rejection near the $76.00 and $75.00 resistance levels in litecoin price against the US dollar. The LTC/USD declined heavily and broke the $72.50 and $70.00 support levels.

Looking at the chart, LTC price was under a lot of selling pressure after it broke the $72.30-50 support area. The price tumbled below the $70.00 level and traded near the $65.00 support.

Litecoin Price Analysis LTC USD

More importantly, this week’s highlighted key bearish trend line prevented gains above $75.00 on the hourly chart of the LTC/USD pair. A low was formed at $65.17 and the price is now trading well below the 100 hourly simple moving average.

In the short term, it may perhaps correct higher towards the $68.00 level. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $75.13 high to $65.17 low.

Any further upsides above $67.50 and $68.00 will most likely face a strong resistance near the $70.00 level, which was a support earlier. It also represents the 50% Fib retracement level of the last decline from the $75.13 high to $65.17 low.

On the downside, an initial support is near the $65.00 level. A break below this could open the doors for more declines towards the $60.00 support.

Overall, litecoin price is in a major bearish trend and it could continue to move down towards $60.00 as long as it is trading below the $70.00 level.

The market data is provided by TradingView.

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