Litecoin Remains In The Downtrend While Bitcoin Holds On To $7K

Litecoin remains in the downtrend despite the slight upside correction from the previous $42 against the US dollar. The price is now trading slightly above the $45 resistance but is well below the $48 as we are seeing today in our litecoin news today.

There is a huge bearish trend line forming close to the $47.80 level on the hourly charts of the LTC/USD pair. The bitcoin price, on the other hand, is now trading in a range between the $7,000 and $6,950 support levels. The litecoin remains is still in a downtrend below the $50 resistance against the US dollar and the price could increase if it manages to break pas the $50 or it could drop towards $40.

The past week, the litecoin price struggled to increase above the $50.00 resistance area against the US dollar and as a result, the LTC price extended the decline below the $45.00 support and the 100 hourly simple moving average. Also, it traded close to the $42 level and then formed a new monthly low at $42 but later there was an upside correction which is similar to the one of Ethereum, bitcoin, ripple and bitcoin cash.

Litecoin recovered above the $44 and $45 resistance levels but spiked above the $47 only and the upward move was easily capped by the $47.50 resistance area. More importantly, there is a huge bearish trend line forming with resistance close to the $47.80 on the hourly charts of the LTC/USD pair. If there is a further break above the $47.80 resistance, the rice could continue to rise. The main resistance is close to the $50 area above which there are a few chances of a decent run towards the $54 and $55 resistance levels. The initial support on the downside is close to the $45 level.

The latest support for Litecoin is close to the $44 level and it is close to the 50% Fib retracement level of the recent increase from the $42 low to the $47 high. The clear break below the $44 support could also push the price back into a bearish zone. The price could reach the $42 support area and the intermediate support is close to the $43 level representing the 76% fib retracement level.