Litecoin Price (LTC) Technicals Weak, Bitcoin Dragging Market Lower
Litecoin declined heavily after it failed to climb above $46.50 and $48.00 against the US Dollar.
The price seems to be sliding towards the $42.20 and $40.40 support levels.
There is a key declining channel forming with resistance near $45.50 on the hourly chart of the LTC/USD pair (data feed from Kraken).
Bitcoin price is down around 3% and it is struggling to stay above the $7,040 and $7,000 support levels.
Litecoin price is following a nasty downtrend below the $46.50 resistance against the US Dollar. LTC could revisit $40.40 or $40.00 before it starts a decent recovery.
Litecoin Price Analysis
In the past few days, litecoin price mostly followed a bearish path below the $50.00 pivot level against the US Dollar. LTC price broke a couple of key supports near $46.50 and the 100 hourly simple moving average to enter a bearish zone.
Later, the price made a couple of attempts to surpass the $46.50 resistance area, but it failed. As a result, there was another decline and the price traded below the $45.25 and $44.50 support levels.
The recent low was near $43.73 and the price is currently consolidating losses. An initial resistance is near the $44.40 level. Besides, the 23.6% Fib retracement level of the recent decline from the $46.19 high to $43.73 low is also near the $44.40 level.
If there is an upside correction above $44.40, litecoin price could correct further towards the $45.00 resistance. It represents the 50% Fib retracement level of the recent decline from the $46.19 high to $43.73 low.
The next key resistance is near the $45.60 level. Additionally, there is a key declining channel forming with resistance near $45.50 on the hourly chart of the LTC/USD pair.
Therefore, the price must break the $45.00 and $45.50 resistance levels. Having said that, the $46.50 level is still a major barrier for the bulls, above which the price is likely to start a strong rise.
Conversely, the price is likely to continue lower below the $43.75 and $43.50 levels. An immediate support is near the $42.20 level, but the current price action suggests that the price could even test $40.40 or $40.00.
Looking at the chart, litecoin price is clearly trading in a bearish zone below the $45.00, $45.50 and $46.50 resistance levels. Thus, the price is likely to continue lower until there is a daily close above the $46.50 resistance.
Hourly MACD – The MACD is slowly reducing its slope in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is currently well below the 40 level.
Major Support Levels – $42.20 followed by $40.40.
Major Resistance Levels – $45.50 and $46.50.
The post Litecoin Price (LTC) Technicals Weak, Bitcoin Dragging Market Lower appeared first on NewsBTC.