The latest cryptocurrencies news show that the entire market is in a state of a decline. The Litecoin technicals are what we are focusing on today and seeing that they are not in a good mood, we can conclude that the market has been dragged lower.
However, it is actually Bitcoin which is dragging most of the market down. Litecoin declined heavily after it failed to climb above $46.50 and $48 but so did Bitcoin (BTC). We can see that there is a key declining channel which is forming at $45 which is now resistance for Litecoin (LTC), all while Bitcoin is down by around 3% in a new wipeoff as it struggles to stay above the $7,040 and $7,000 support levels.
The past few days have been bad for the Litecoin technicals. The cryptocurrency mostly followed a bearish path below $50 and broke a couple of key supports near $46.50 – when the 100 hourly simple moving average entered a bearish zone.
Later on, the price of the cryptocurrency made numerous attempts to surpass the $46.50 resistance area but it failed. As a result of it, there was another decline and the LTC price traded blow the $45.25 and $44.50 support levels.
The recent low, as the Litecoin technicals show, was near $43.73 and the price is currently consolidating the losses. An initial resistance is near the $44.40 level and besides this, there are many other things which need improvement.
As analysts noted, the Litecoin news now need to show an upside correction above $44.40 so that LTC could correct further towards the $45 area. This is how it represents the 50% Fib retracement level of the recent decline from the $46.19 high to $43.73 low.
The next key resistance right now is near the $45.60 level and in addition to this, there is a key declining channel forming with resistance near $45.50 on the hourly chart of the LTC/USD pair. So, the Litecoin technicals must break through the $45 and $45.50 regions and at press time, $46.50 is still a major barrier for the bulls above which a strong rise can be expected.
Conversely, the price of Litecoin is likely to continue lower below $43.75 and $43.50. An immediate support should be expected near the $42.20 level but the current price action suggests that the price could even test $40.40 or $40.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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