Litecoin (LTC) Price Analysis: Risk Of Further Losses Below $120

2019-7-5 07:34

Litecoin price started a decent recovery from $112.00, but it failed to gain pace above the $125.00 resistance. LTC price is currently under pressure and it could extend losses vs USD and bitcoin.

Key Talking Points

Litecoin price struggled to gain strength above $125.00 and topped near $127.30 (Data feed of Kraken) against the US Dollar.There is a crucial bearish trend line forming with resistance at $123.50 on the hourly chart.LTC price remains at a risk of more losses below the $120.00 support level in the near term. Litecoin Price Analysis (LTC)

Recently, there was a decent recovery in bitcoin, litecoin and Ethereum against the US Dollar. The LTC/USD pair broke the $120.00 resistance level, but it struggled to gain momentum above the $125.00 resistance.

Looking at the chart, LTC price topped near the $127.30 level and recently started a fresh decline. There was a break below the $123.50 support and the 23.6% Fib retracement level of the last wave from the $112.16 low to $127.30 high.

Moreover, the price traded below the $120.50 support and the 100 hourly simple moving average. It even broke a key connecting bullish trend line with support near $122.00 on the hourly chart.

It is now trading below the $120.00 level and the 50% Fib retracement level of the last wave from the $112.16 low to $127.30 high. It seems like there could be more losses below the $120.00 and $118.00 support levels in the near term.

The main supports are near the $113.50 and $112.00 levels. On the upside, there is a strong resistance forming near $125.00. There is also a crucial bearish trend line forming with resistance at $123.50 on the same chart.

Therefore, a proper close above the $124.00 and $125.00 levels is needed for a decent rise in litecoin price in the near term. If LTC/USD continues to struggle below $125.00, there could be more losses below the $118.00 and $115.00 support levels in the near term. The price may even test the $110.00 support.

The market data is provided by TradingView.

The post Litecoin (LTC) Price Analysis: Risk Of Further Losses Below $120 appeared first on Ethereum World News.

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Litecoin (LTC) на Currencies.ru

$ 89.14 (+1.03%)
Объем 24H $1.289b
Изменеия 24h: 6.13 %, 7d: 8.58 %
Cегодня L: $82.16 - H: $90.8
Капитализация $6.705b Rank 22
Цена в час новости $ 118.8 (-24.97%)

price losses litecoin ltc 120 risk analysis

Источник: ethereumworldnews.com

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