Analysts and experts believe that the LTC/USD price could rebound in the near future. Currently, the Litecoin[crypto coins=”LTC” type=”text” show=”percent”] price has extended its declines approaching the $30.00 support level. However, a few optimist analysts believe that LTC/USD will likely go towards the $35.00 or $38.00 levels soon.
Since the massive collapse of the crypto market on November 14, LTC[crypto coins=”LTC” type=”text” show=”percent”] has experienced extensive pressure. Sellers and bears have dominated in pushing the price south as it is evident from the data feed of Kraken. The hourly charts reveal a strong bearish trend line that features a strong resistance at the $33.30 level.
The price of LTC[crypto coins=”LTC” type=”text” show=”percent”] against the USD experienced another major setback on November 20 slumping below the $35.00 level. The move followed the current bearish trend of the entire crypto market where most altcoins lost massively and at one point the LTC/USD pair moved below $32.00 levels.
After breaking the $35.30 support area, LTC[crypto coins=”LTC” type=”text” show=”percent”] price plummeted approaching the $30.00 level as shown in this chart. The price is currently consolidating losses as a swing low developed at the $30.30 mark. Looking upwards, the first significant resistance is pegged at the 23.6% Fib retracement level derived from the recent $43.05 high to $30.30 low slide.
The resistance is set at the $33.20 level since the hourly chart of the LTC/USD pair reveals a colossal bearish trend line along the $33.30 mark. Currently, the price structure has formed a short-term positive oscillating above $30.00. However, the price is trading significantly below the 100 hourly simple moving average indicators.
LTC[crypto coins=”LTC” type=”text” show=”percent”] could experience an upside correction in the short-term if it rises above the $33.30 level. The next significant resistance has formed around the $35.30 level which was a strong support recently. The price can then test the 50% Fib retracement level at $36.67 in the case that it moves above the $35.30 level.
In general, there are a few evident positive signs existing above the psychological $30.00 support area. Thus, the LTC[crypto coins=”LTC” type=”text” show=”percent”] price may rise en route for the $35.00 or $36.00 level in the near future. Above $36, the price could test the $38 resistance level. On the downturn, the price may slide to the $25 level if it breaches the $30 support area.