• Litecoin (LTC) started a fresh decline below the $95 zone against the US Dollar.
• There was a break below a key bullish trend line with support near $93 on the 4-hour chart of the LTC/USD pair.
• The price is at risk of a downside break below the $90 and $88 support levels.
Litecoin Price Analysis
Litecoin (LTC) price recently started a fresh decline below the $95 mark against the US Dollar. A key bullish trend line was broken with support near $93 on the 4-hour chart of LTC/USD pair, which could lead to further losses in price in coming sessions. Currently, there is a risk that LTC might break down below both $90 and $88 support levels.
Bearish Trend Line Break
In previous 2-3 trading sessions, Bitcoin, Ethereum, Ripple and Litecoin all experienced a sharp decline against US Dollar. Initially, Litecoin managed to start an upward move above both the resistance levels of $95 and $100 but bears failed its attempt to climb higher at around the level of 103.50$. This resulted in breaking down of an important bullish trend line with its support near 93$. As per current situation, it seems like if bulls don’t take control soon then there can be more bearish pressure leading toward lower areas such as 88$ or 80$.
At present moment, Litecoin is consolidating its losses after hitting low around 87$ and trading close to 23.6% Fib retracement level of downward move from swing high 103.42$ to 87$ low. On upside side, it is facing resistance near 92$ zone followed by 50% Fib retracement level from same mentioned move which stands at 95$. Main resistance for bulls lies near 100$, if they get successful in breaking this level then we can see prices reaching towards 103$ or even 105$.
On downside area there are two main support levels i.e 89.20$ and 87$, breaking out these two supports can cause huge dip till 80$. However currently bulls are trying their best to keep prices above 90$, if they succeed then we may witness short term recovery upto 95$ or 100$.
To conclude, Litecoin has already broken down under major supports such as 95$, 90$ and 88$. If bears continue their momentum then traders should expect prices going southwards towards 80$, however currently it looks like bulls have some hope left so we may see some short term recovery before things get worse for them again!