Litecoin Price Analysis: LTC/USD Breaks Key Support

Litecoin price failed to move above the $142 resistance and declined against the US Dollar. LTC/USD is now trading below the 100 hourly simple moving average and $140.

Key Talking Points

  • Litecoin price was rejected from the $142 resistance area (Data feed of Kraken) against the US Dollar.
  • There was a break below a key bullish trend line with support at $136 on the hourly chart of the LTC/USD pair.
  • The pair is currently trading below $140 and the 100 hourly SMA, with risk of more losses in the near term.

Litecoin Price Forecast

After a brief failure to move above the $142 resistance, litecoin price started a downside move against the US dollar. The LTC/USD pair declined and broke the $140 and $135 support levels.

Looking at the chart, the price failed on more than two occasions to break the $142 resistance. Therefore, the current downside move extend if the price fails to stay above $130.

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