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Litecoin price fell further and traded below the $90 level against the US Dollar. LTC/USD is currently correcting higher towards the $100 and $103 resistance levels.
Key Talking Points
· Litecoin price declined sharply and traded as low as $88.87 (Data feed of Kraken) against the US Dollar before recovering.
· There was a break above a major bearish trend line with resistance at $93 on the hourly chart of the LTC/USD pair.
· The pair is currently correcting higher and is approaching the $100 and $103 resistance levels.
Litecoin Price Forecast
There was no respite for buyers as litecoin price declined further below $100 against the US dollar. The LTC/USD pair closed below the $100 handle and traded below the $90 support as well.
Looking at the, the price traded towards the $88 level and a low was formed at $88.87. The price formed a decent support base and started an upside move above $90. It moved above the 23.6% Fib retracement level of the last drop from the $108 swing to $88 low.
More importantly, there was a break above a major bearish trend line with resistance at $93 on the hourly chart of the LTC/USD pair. The pair is currently showing a few positive signs above the $90 level.
However, there are many barriers on the upside around the $100 and $103 levels. Moreover, the 50% Fib retracement level of the last drop from the $108 swing to $88 low is also around the $100 handle to prevent an upside break.
The most significant hurdle for buyers is around the $103 level and the 100 hourly simple moving average. It also coincides with the 76.4% Fib retracement level of the last drop from the $108 swing to $88 low.
Therefore, any major recovery from the current levels may face sellers near the $103 level. On the downside, an initial support is at $90 followed by the $88 swing low. Below this, Litecoin price may test the $85 support level.
The market data is provided by TradingView.
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