Litecoin Price Analysis: LTC/USD Could Be Dead Near $20

  • The price of Litecoin dropped below $35 and traded towards $25 against the U.S Dollar.
  • The hourly chart of the LTC/USD Pair saw a break below the declining triangle pattern with support at $27.00
  • The price of Litecoin should extend its current fall towards the $20.00 support level in the near term.
Price Forecast: Litecoin This week, the price of Litecoin dropped from the $35 resistance level in Litecoin price against the US dollar. The pair (LTC/USD) broke so many important supports close to $32.00 and $30.00 and dropped further into a bearish zone. Most of the major cryptocurrencies dropped heavily, which includes Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash and NEO. Taking a close look at the chart, Litecoin dropped recentlyagainst the $28.00 support level, settling below the simple moving average of100 hours. This decline was such that, it was difficult to find any substantialrecovery above the $30.00 level. Litecoin (LTC) Price Today – LTC / USD
Name Price24H (%)
Bitcoin (BTC)
$8,090.03
1.11%
Litecoin (LTC)
$54.89
4.78%

However, there was a break below a declining trianglepattern with support at $27.00 on the LTC/USD pair’s hourly chart. It createdways for a test of the $25.00 support level. The price dropped below $25.00 forming a new low at $24.90.The present price action is bearish and it seems the price might keep sliding.Litecoin is back to pre-rally levels (rally from $20.00 to $360.00) and itseems sellers have taken control. An initial resistance is near the $26.50 level and the 23.6% Fib retracement level of the recent decline from the $30.11 high to $24.91 low. However, the main resistance for buyers is near the $28.00 and $30.00 levels, which were supports earlier. Moreover, the 50% Fib retracement level of the recent decline from the $30.11 high to $24.91 low is near $27.50 to act as a solid hurdle for buyers. Therefore, the price of Litecoin might continue sliding and it seems LTC may even test the $20.00 level.
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