Litecoin price is currently correcting lower below the .50 resistance against the US Dollar.LTC price is currently holding the key .10 and .80 support levels, with a positive bias.There is a major bearish trend line forming with resistance near .90 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair could dip once last time towards the .80 support area before it started a decent upward move.Litecoin price is retreating from the recent high near .40 against the US Dollar, similar to bitcoin. LTC price could decline further, but it remains supported near .80.Litecoin Price AnalysisRecently, there was a sharp rally in bitcoin, Ethereum ripple and litecoin against the US Dollar. LTC price broke many hurdles during the rise such as .00 and .80
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- Litecoin price is currently correcting lower below the $60.50 resistance against the US Dollar.
- LTC price is currently holding the key $57.10 and $55.80 support levels, with a positive bias.
- There is a major bearish trend line forming with resistance near $58.90 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could dip once last time towards the $55.80 support area before it started a decent upward move.
Litecoin price is retreating from the recent high near $64.40 against the US Dollar, similar to bitcoin. LTC price could decline further, but it remains supported near $55.80.
Litecoin Price Analysis
Recently, there was a sharp rally in bitcoin, Ethereum ripple and litecoin against the US Dollar. LTC price broke many hurdles during the rise such as $54.00 and $55.80 resistance levels.
Moreover, there was an upside break above the $60.00 resistance and the 55 simple moving average (4-hours). Later, there was a downside correction and the price traded below the $60.00 pivot level.
Litecoin corrected below the 23.6% Fib retracement level of the upward move from the $47.25 low to $64.41 high. However, the price remained well bid above the $55.80 and $55.50 support levels. More importantly, the price found support near the 55 simple moving average (4-hours).
At the outset, the price is trading above the 50% Fib retracement level of the upward move from the $47.25 low to $64.41 high. If there is another bearish reaction, the $55.80 level and the 55 SMA are likely to provide support.
Having said that, if the price fails to stay above $55.80, there could be an extended decline towards the $52.00 support area. On the upside, there are a few important resistances forming near the $59.00 and $60.00 levels.
There is also a major bearish trend line forming with resistance near $58.90 on the 4-hours chart of the LTC/USD pair. If there is a successful break and close above $60.00, the price might start a fresh increase above $62.00 in the near term. The next major resistances on the upside are near $64.50 and $65.00.
Looking at the chart, litecoin price is currently correcting lower below $60.00. It seems like there could be another decline towards the $58.50 and $58.00 support levels before the price rebounds and climbs again. On the upside, the bulls need to gain pace above the $60.00 resistance to set the stage for more upsides.
Technical indicators
4 hours MACD – The MACD for LTC/USD is gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently near 50, with a bullish angle.
Key Support Levels – $58.50 and $52.00.
Key Resistance Levels – $60.00 and $64.50.