Litecoin price struggled to break the $50.00 resistance and declined recently against the US dollar. LTC could extend losses towards $44.00 before it could bounce back in the near term.
Key Talking Points
After a steady rise above the $45.00 resistance, litecoin price faced sellers near the $50.00 level against the US dollar. The LTC/USD pair started a major decline and broke the $47.50 support level to move into a bearish zone.
Looking at the chart, LTC price failed to climb above the $49.50 and $50.00 resistances. A swing high was formed at $49.11 and later the price started a downward move. It broke the $48.00 support and the 23.6% Fib retracement level of the last wave from the $42.36 low to $49.11 high.
Moreover, there was a break below a major bullish trend line with support at $48.00 on the hourly chart. It opened the doors for more losses below the $47.00 level and the 100 hourly simple moving average.
The price is currently trading with a bearish angle below $47.50 and it could extend losses towards the $45.00 support. It coincides with the 61.8% Fib retracement level of the last wave from the $42.36 low to $49.11 high.
However, the main support is near the $44.00 level, below which the price may perhaps decline towards the $42.35 swing low. On the upside, an initial resistance is near the $47.00 level and the 100 hourly SMA. To move into a positive zone, the price must surpass the $48.00 resistance zone.
Overall, litecoin price is under pressure below $48.00 and recent bearish moves in Ethereum, ripple, bitcoin, binance coin, EOS, and bitcoin cash could increase selling pressure on LTC in the coming sessions.
The market data is provided by TradingView.
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