- Litecoin started a fresh decline from well above the $58 zone against the US Dollar.
- LTC price is now trading below $55 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $53.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a decent upward move if it clears the $54 and $55 levels.
Litecoin price is struggling below $55 against the US Dollar, similar to bitcoin. LTC price could resume its decline if there is no clear move above $55.
Litecoin Price Analysis
In the past few days, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC traded as high as $58.42 and started a fresh decline.
There was a clear move below the $55 and $54 support levels. The price even declined below the $52 level and the 55 simple moving average (4-hours). Finally, the bulls were active near the $50 level. A low was formed near $50.01 and the price started a recovery wave.
There was a move above the $52 resistance zone. It climbed above the 23.6% Fib retracement level of the recent decline from the $58.42 swing high to $50.01 low. The price is now trading below $55 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $53.00 and $54.00 levels. There is also a key bearish trend line forming with resistance near $53.20 on the 4-hours chart of the LTC/USD pair.
The trend line is below the 50% Fib retracement level of the recent decline from the $58.42 swing high to $50.01 low. The next major resistance sits near the $55 level. A clear move above the $55 level could pump the price towards the $58 level or even $60.
On the downside, an immediate support is near the $51 level. The next key support is near the $50 level. If there is a downside break below the $50 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 $55 and the 55 simple moving average (4-hours). Overall, the price could start a decent upward move if it clears the $54 and $55 levels.
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 – $51 and $50
Key Resistance Levels – $54 and $55.
Source: https://www.livebitcoinnews.com/litecoin-ltc-price-analysis-bulls-struggle-to-protect-50/