Litecoin worth prolonged slides beneath the $51.00 degree towards the US Greenback. LTC/USD traded beneath $50.00 and it’s at the moment correcting increased in direction of resistances.
Key Speaking Factors
- Litecoin worth did not appropriate considerably and declined beneath $51.00 (Information feed of Kraken) towards the US Greenback.
- There’s a short-term bearish flag sample forming with resistance at $52.00 on the hourly chart of the LTC/USD pair.
- LTC worth is at the moment correcting increased, however upsides are more likely to be capped close to $52.00 and $53.75.
Litecoin Value Forecast
Yesterday, we noticed a serious draw back beneath $55.00 in litecoin worth towards the US greenback. The LTC/USD pair later corrected increased, however upsides had been restricted and the value resumed its decline beneath the $52.00 degree.
Wanting on the chart, LTC worth declined additional and broke the $51.00 and $50.00 ranges. The value traded to a brand new weekly low at $49.81 and it’s nonetheless buying and selling properly beneath the 100 hourly easy shifting common.
For the time being, the value is correcting increased above the $50.00 degree. An preliminary resistance is close to the 23.6% Fib retracement degree of the final slide from the $57.67 excessive to $49.81 low. Extra importantly, there’s a sturdy resistance fashioned close to $52.00.
There’s additionally a short-term bearish flag sample forming with resistance at $52.00 on the hourly chart of the LTC/USD pair. Ought to the value break the channel resistance, it may appropriate increased in direction of the $53.75 and $54.00 resistance ranges.
Furthermore, the 50% Fib retracement degree of the final slide from the $57.67 excessive to $49.81 low is close to the $53.75 degree to behave as a strong hurdle for patrons.
On the flip aspect, if the value breaks down once more beneath the channel assist and $50.00, there could possibly be sharp downsides. The following main assist beneath $50.00 is noticed close to the $47.00 degree.
General, the present construction is pointing extra declines in litecoin worth so long as the value is beneath $54.00. A convincing break and shut above $54.00 and $55.00 is required for a pattern change.
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