Litecoin price declined towards the $140 level against the US Dollar. LTC/USD remains under pressure and it could extend declines towards $135-138.
Key Talking Points
· Litecoin price declined and traded below the $145 support level (Data feed of Kraken) against the US Dollar.
· There is a key connecting bearish trend line formed with resistance at $147 on the hourly chart of the LTC/USD pair.
· The pair may struggle to move above $147-148, and it could decline further towards $135.
Litecoin Price Forecast
There was no upside recovery during the past two sessions in litecoin price above $150 against the US dollar. The LTC/USD pair settled below the $150 level and even broke the $145 support.
It traded as low as $141.96 and is currently well below the 100 hourly simple moving average. These are negative signs and suggests that the price remains at a risk of more declines as long as it is below $150.
On the upside, the 23.6% Fib retracement level of the last decline from the $166.21 high to $141.96 low is a major barrier. Moreover, there is a key connecting bearish trend line formed with resistance at $147 on the hourly chart of the LTC/USD pair.
Should the pair succeeds in breaking the $147-148 resistance zone, there is a chance of it moving above $150. However, there is another significant barrier waiting to prevent gains near $153.50 and the 100 hourly simple moving average.
More importantly, the 50% Fib retracement level of the last decline from the $166.21 high to $141.96 low is also near $154.00. Therefore, it seems like there are many hurdles on the upside above $150.
If the price starts an upside recovery, a close above $150 may help buyers in the near term. On the other hand, if litecoin buyers fail to move the price above $148 and $150, there could be more declines.
A break below the recent low of $141.96 may open the doors for a push towards $138 and $135.
Trade safe traders and do not overtrade!
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