Litecoin (LTC) Price Analysis: Bulls Facing An Uphill Task

Litecoin price corrected higher recently,
but struggled near the $135.00 resistance. LTC is currently testing the $122.00
support and it remains at a risk of more losses

Key Talking Points

• Litecoin price is trading well below the $130.00
  and $135.00 resistance levels (Data feed of Kraken) against the US Dollar.
• There are two connecting bearish trend lines
  forming with resistance near $132.50 on the 4-hours chart.
• LTC price could extend losses if there is a
  break below the $122.00 and $120.00 supports.

Litecoin Price Analysis (LTC)

Recently, there were bearish moves in bitcoin, Ethereum, ripple, EOS and Litecoin against the US Dollar. Earlier, the LTC/USD pair started a decent recovery from the $107.14 low. The pair traded above the $122.00 resistance, but it struggled to clear the $135.00 area.

Looking at the chart, LTC price traded as high as $136.45 and struggled to settle above the 100 simple moving average (4-hours). Later, there was a fresh decline below the $130.00 support and the price is now trading well below the 100 SMA.

There was a break below the 23.6% Fib retracement level of
the upward move from the $107.14 low to $136.45 high. However, the $120.00 and
$122.00 support levels are currently acting as buy zones.

Moreover, the 50% Fib retracement level of the upward move from
the $107.14 low to $136.45 high is acting as a support. If there is a downside
break below the $120.00 support, the price could continue to slide.

An immediate support below $120.00 is near the $118.30 level.
If there are more losses, the price could decline towards the $114.00 support area.

On the upside, litecoin is facing a lot of hurdles near the
$130.00 and $132.00 levels. There are also two connecting bearish trend lines
forming with resistance near $132.50 on the 4-hours chart.

If there is a successful close above both trend lines and
the 100 simple moving average (4-hours), litecoin price might start a solid
increase towards the $144.00 and $150.00 resistance levels. If not, it remains
at a risk of more losses below $120.00.

The market data is provided by TradingView.