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.