Litecoin Price Analysis: LTC/USD’s Support Turned Resistance

Litecoin price failed to stay above the $134 support and declined against the US Dollar. LTC/USD traded towards $128 and is currently correcting higher.

Key Talking Points

  • Litecoin price faced an increased selling pressure and declined below the $135 support (Data feed of Kraken) against the US Dollar.
  • There is a crucial bearish trend line forming with resistance at $134.50 on the hourly chart of the LTC/USD pair.
  • The pair is currently correcting higher, but the previous support near $135 may act as a resistance.

Litecoin Price Forecast

There was no upside break above $142 in litecoin price against the US dollar. The LTC/USD pair faced an increased selling pressure around $140-142, which resulted in a sharp downside move.

Looking at the chart, the failed to move above $142 and the 100 hourly simple moving average. It dropped and moved below the $135, $134 and $130 levels.

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