- Litecoin started a major decline from the $75 resistance zone against the US Dollar.
- LTC price is now trading below $60 and the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support at $57.50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a recovery wave if it stays above the $48 support zone.
Litecoin price is struggling below $60 against the US Dollar, similar to bitcoin. LTC price could start a decent increase if it gains pace above the $54 level.
Litecoin Price Analysis
In the past few sessions, there was a strong decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC was able to climb above the $60 and $65 resistance levels.
The bulls even pushed the price above the $70 level. However, they failed to clear the $75 resistance. A high was formed near $73.29 and the price started a major decline. There was a steady drop below the $70 and $65 levels. The decline gained pace below the $60 support and the 55 simple moving average (4-hours).
Besides, there was a break below a major bullish trend line with support at $57.50 on the 4-hours chart of the LTC/USD pair. The pair even spiked below the $50 support.
A low was formed near $47.50 and the price is now correcting losses. On the upside, the price is facing resistance near the $54 zone. It is near the 23.6% Fib retracement level of the downward move from the $73.29 swing high to $47.50 low.
The next major resistance sits near the $57.50 level. The main barrier is now near the $60 zone. It is close to the 50% Fib retracement level of the downward move from the $73.29 swing high to $47.50 low. A clear move above the $60 level could pump the price towards the $65 level or even $70. The next major resistance could be $75.
On the downside, an immediate support is near the $50 level. The next key support is near the $48 level. If there is a downside break below the $48 support, the price could accelerate lower towards the $45 level in the near term.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading below $60 and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if it stays above the $48 support zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $50.00 and $48.00
Key Resistance Levels – $54.00 and $60.00.
Source: https://www.livebitcoinnews.com/litecoin-ltc-price-analysis-main-support-nearby-at-48/