Litecoin (LTC) Price Analysis: Price Trading Near Crucial Juncture

2019-6-28 07:06

Litecoin price started a major decline from the $140.00 resistance and dropped more than 15%; LTC price trimmed most its gains and it is currently under a lot of pressure, similar to bitcoin.

Key Talking Points

Litecoin price topped near the $140.00 level and declined sharply below $125.00 (Data feed of Kraken) against the US Dollar.There is a major bearish trend line forming with resistance at $114.50 on the hourly chart.LTC price must stay above the $110.00 support to avoid more losses in the near term. Litecoin Price Analysis (LTC)

Recently, there was a sharp decline in bitcoin, ripple and Ethereum, resulting in bearish moves in Litecoin below $130.00 against the US Dollar. The LTC/USD pair topped near the $140.00 level and recently declined more than 15%.

Looking at the chart, LTC price traded as high as $138.21 and it broke the main $130.00 and $125.00 support levels. There was also a close below the $125.00 support and the 100 hourly simple moving average.

It opened the doors for more losses and the price dropped below $110.00. A new weekly low was formed near $106.84 and the price is currently correcting higher.

An initial resistance is near the $114.00 level plus the 23.6% Fib retracement level of the last decline from the $138.21 high to $106.84 low. Moreover, there is a major bearish trend line forming with resistance at $114.50 on the hourly chart.

If there is an upside break above the trend line and the $115.00 level, the price could recover towards the $120.00 level. The next key resistance is near $122.50 and the 50% Fib retracement level of the last decline from the $138.21 high to $106.84 low.

Conversely, if the price fails to move above the $115.00 resistance, it could continue to slide. An immediate support is near the $110.00 level, below which there is a risk of more losses below the $106.50 support area.

Overall, litecoin price is trading near a crucial juncture and as long as it is above the $110.00 support, it could start a decent recovery.

The market data is provided by TradingView.

The post Litecoin (LTC) Price Analysis: Price Trading Near Crucial Juncture appeared first on Ethereum World News.

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Litecoin (LTC) на Currencies.ru

$ 97.98 (-2.42%)
Объем 24H $665.636m
Изменеия 24h: -3.96 %, 7d: -17.75 %
Cегодня L: $97.62 - H: $103.64
Капитализация $7.381b Rank 23
Цена в час новости $ 119.74 (-18.17%)

price litecoin ltc juncture crucial analysis trading

Источник: ethereumworldnews.com

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