Litecoin Suffers 6% Price Decline As Outlook Suggests Potential Drop Toward $36.50
- Litecoin plummetted by a total of 5.6% today as the cryptocurrency crashes into the $40 level.
- The cryptocurrency failed to overcome resistance at the $44.60 level over the weekend which caused the market to roll over.
Litecoin dropped by a total of 5.6% over the past 24 hours of trading as it drops into support at $40. The support is here provided by a month-long rising trend line.
The cryptocurrency had climbed into resistance at $44.62 over the weekend and was unable to break above this resistance which caused the market to roll over and tumble.
It is now trading at support provided by a rising trend line but a break beneath this could cause Litecoin to drop toward $33.80.
Litecoin Price Analysis
LTC/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can clearly see that Litecoin had reached a high in early April of $47.70 which was provided by a bearish .382 Fib Retracement. It was unable to overcome this level and this caused the market to roll over and fall into support at $39 – provided by a short term .382 Fib Retracement.
From here, we can see that Litecoin rebounded but was unable to overcome the resistance at $44.62 this weekend which caused the market to drop back into the support at the rising trend line.
Short term prediction: Neutral/Bearish
Litecoin is considered neutral but a break beneath $39 would turn it bearish.
If the sellers manage to push beneath the support at the rising trend line, the first level of support lies at $39.13 (.382 Fib Retracement). Beneath this, support lies at $36.46 (.5 Fib Retracement), and $33.80 (.618 Fib Retracement).
On the other side, the first level of strong resistance lies at $44.62. Above this, resistance lies at $47.70.
The RSI has also now broken beneath the 50 level which is a strong signal that the sellers are taking control of the market momentum.
Key Levels
Support:$42, $40, $39, $36, $35, $32, $30, $28, $25.
Resistance: $47.70, $49.33, $50, $52, $54.70, $56.
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