Litecoin price extended declines below the $50.00 support against the US Dollar. LTC/USD is under a lot of pressure below the $50.00 and $51.00 levels.

Key Talking Points

Yesterday, we discussed that litecoin price could continue to move down below the $50.00 support against the US dollar. The LTC/USD pair extended declines and it even broke the $49.50 swing low.

Looking at the chart, LTC price traded towards the $48.00 support area and formed a new monthly low at $48.22. Later, there was an upside correction and the price recovered above the $48.80 level.

It also moved above the 23.6% Fib retracement level of the recent decline from the $50.96 high to $48.22 low. However, the price is still trading well below the $50.00 resistance and the 100 hourly simple moving average.

More importantly, this week’s followed important bearish trend line is still in place with resistance at $49.80 on the hourly chart of the LTC/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $50.96 high to $48.22 low.

Above the trend line, the $50.00 handle is likely to act as a solid resistance for buyers in the near term. Therefore, if the price corrects higher, the $49.80 and $50.00 levels are likely to protect gains.

Overall, litecoin price is clearly under a lot of pressure below the $51.00 and $50.00 levels. As long as there is no close above $51.00 and the 100 hourly simple moving average, there could be more declines. An immediate support is the recent low at $48.22, below which the price may test the $47.50 support.

The market data is provided by TradingView.

The post Litecoin Price Analysis: LTC/USD Turns Bearish Below $50 appeared first on Ethereum World News.

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