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There has been no further bullish recovery above $125 when it comes to LTC against the US Dollar. This has prompted a future forecast for further declines in value. There is a possibility that the price could hold in the $115 level, but for how long is still anyone’s guess. The overall LTC price forecast included in this report remains bearish to a level lower than $115. The recent low of $111.71 could have been a foreshadow of future market activity, despite the brief recovery to levels closer to $120. As quoted by Army Of Bitcoin News in this market report, “However, the most important resistance is near $116, which was a support earlier. An intermediate resistance is at $115.37 and the 50 percent Fib retracement level of the last slide from the $119.03 high to the $111.71 low.”
The report added, “Moreover, there is a new connecting bearish trend line in place with resistance at $120 on the hourly chart of the LTC/USD pair. A close above the trend line, $120 and the 100 hourly simple moving average is needed for more gains in the near term.” The ending conclusion given the market movements for LTC in recent trading sessions from a bearish standpoint still point to that earlier decline to $111.71. This could still open the door to a steeper decline approaching the $100 level, which is a key market indicator.
