Litecoin Price Analysis: Can LTC/USD Bounce Back Above $54?
Litecoin price faced an increased selling pressure and declined below $52.70 against the US Dollar. LTC/USD may continue to decline and it could even break the $51.70 support
Key Talking Points
- Litecoin price is currently under pressure below the $53.00 and $52.70 levels (Data feed of Kraken) against the US Dollar.
- There was a break below a major bullish trend line with support at $53.80 on the hourly chart of the LTC/USD pair.
- LTC price might find support near the $51.50-51.70 zone for a short term recovery.
Litecoin Price Forecast
There was no major recovery in litecoin price above the $54.00 resistance against the US dollar. The LTC/USD pair extended its decline and broke the $52.80 support area as well.
Looking at the chart, LTC price started a downside correction from the $56.35 high and declined below the $54.00 and $52.80 support levels. There was even a close below the $53.50 level and the 100 hourly simple moving average.
The recent decline was such that the price even…
Read Full Story : Ethereum World News