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Litecoin Price Analysis: LTC/USD Turned Sell On Rallies

Litecoin Price Forecast

Litecoin price stopped working to move greater and decreased listed below $5000 versus the United StatesDollar LTC/USD has actually moved into a bearish zone, with sellers in control listed below $5000

KeyTalking Points

  • Litecoin price decreased greatly and broke the $5000 assistance location (Data feed of Kraken) versus the United States Dollar.
  • Yesterday’s highlighted significant bearish pattern line played well with existing resistance at $5140 on the per hour chart of the LTC/USD set.
  • LTC price settled listed below the $5000 assistance and the 100 per hour basic moving average.

Litecoin Price Forecast

Yesterday, we went over that litecoin price might try an upside break above $5250 versus the United States dollar. However, the LTC/USD set stopped working to acquire momentum above the $5220 and $5250 resistance levels.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price dealt with an increased selling pressure, which led to heavy slides listed below the $5100 and $5000 assistance levels. The decrease was such that the price settled listed below the $5000 level and the 100 per hour basic moving average.

It traded as low as $4741 and later on began an upside correction. Buyers pressed the price above the $5850 level and the 23.6% Fib retracement level of the last slide from the $5228 high to $4741 low.

However, there are numerous resistances near the $4980, $5000 and $5100 levels. Moreover, the other day’s highlighted significant bearish pattern line is still in location with existing resistance at $5140 on the per hour chart of the LTC/USD set.

More significantly, the 50% Fib retracement level of the last slide from the $5228 high to $4741 low is likewise positioned near the $5000 level. Therefore, if the price continues to remedy greater, it might deal with a great deal of deals near the $4980, $5000 and $5100 levels.

On the drawback, a preliminary assistance is near the $4800 level followed by the current low at $4740 If litecoin price stops working to remain above the $4740 level, there might be more decreases towards the $4500 level. The primary assistance on the severe drawback is near the $4200 level.

The market information is supplied by TradingView.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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