Litecoin price extended declines and traded close to the $60.00 level against the US Dollar. LTC/USD is likely to decline further and it could even break the $60.00 support.
Key Talking Points
- Litecoin price failed to recover and declined below the $65.00 support (Data feed of Kraken) against the US Dollar.
- There is a short-term breakout pattern forming with resistance near $64.00 on the hourly chart of the LTC/USD pair.
- The pair remains at a risk of more losses below the $61.00 and $60.00 levels in the short term.
Litecoin Price Forecast
Yesterday, we saw heavy declines in litecoin price below the $70.00 level against the US dollar. We discussed that the LTC/USD could extend declines and it may even test the $60.00 level.
Looking at the chart, LTC price extended declines below the $65.00 support levels and traded close to the $60.00 level. A low was formed at $61.06 and the price is currently correcting higher.
It recently tested the 23.6% Fib retracement level of the recent drop from the $75.30 high to $61.06 low. However, the price is facing a lot of hurdles near the $64.00 and $65.00 levels.
Moreover, there is a short-term breakout pattern forming with resistance near $64.00 on the hourly chart of the LTC/USD pair. If the price breaks the triangle resistance and moves past $65.00, it may test the next resistance at $68.00.
The stated $68.00 resistance levels represents the 50% Fib retracement level of the recent drop from the $75.30 high to $61.06 low. On the flip side, if the price fails to move higher and breaks the $62.00 support, it could even break the $61.01 low.
The next support is at $60.00, below which, the price may face an increased selling pressure. In the mentioned case, the price could even break the $58.00 support.
To sum up, the current correction wave in litecoin price is likely to face a lot of sellers on the upside near the $64.00, $65.00 and $68.00 levels.
The market data is provided by TradingView.