Litecoin price is declining and it recently broke the .50 support area against the US Dollar.LTC price is trading near .00 and it remains at a risk of more losses.There is a key bearish trend line forming with resistance near .60 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair could extend its decline towards the main .00 support level in the near term.Litecoin price is trading in a bearish zone below .00 against the US Dollar, similar to bitcoin. LTC price could continue to move down unless it rallies above .50 and .00.Litecoin Price AnalysisIn the past few days, there was a sharp decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price followed a bearish path from well above the .00 support area.The recent
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- Litecoin price is declining and it recently broke the $52.50 support area against the US Dollar.
- LTC price is trading near $45.00 and it remains at a risk of more losses.
- There is a key bearish trend line forming with resistance near $54.60 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could extend its decline towards the main $40.00 support level in the near term.
Litecoin price is trading in a bearish zone below $50.00 against the US Dollar, similar to bitcoin. LTC price could continue to move down unless it rallies above $52.50 and $55.00.
Litecoin Price Analysis
In the past few days, there was a sharp decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price followed a bearish path from well above the $60.00 support area.
The recent decline was such that the price broke the key $52.50 support and the 55 simple moving average (4-hours). Finally, there was a break below the $50.00 support and the price traded to a new monthly low of $44.69.
Litecoin price is currently trading with a bearish angle below $46.50. An initial resistance is near the $49.00 level. The 23.6% Fib retracement level of the recent decline from the $64.08 high to $44.69 low is also near the $49.00 area.
If there is an upside correction above the $50.00 level, the price could recover towards the $52.50 resistance. The main resistance is now near the $55.00 zone and the 55 simple moving average (4-hours).
More importantly, there is a key bearish trend line forming with resistance near $54.60 on the 4-hours chart of the LTC/USD pair. The 50% Fib retracement level of the recent decline from the $64.08 high to $44.69 low is also near $54.39.
Therefore, upsides are likely to remain capped in the near term towards the $52.50 and $55.00 levels. On the downside an initial support is near the $44.50 level.
If there is a bearish break below the $44.50 and $44.00 levels, there is a risk of a sharp decline towards the $40.00 support level in the near term.
Litecoin Price
Looking at the chart, litecoin price is clearly trading in a strong downtrend below $50.00 and $55.00. Unless it recovers above $55.00, the bears remain in control and they could eye a test of the $40.00 area.
Technical indicators
4 hours MACD – The MACD for LTC/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well below the 50 level.
Key Support Levels – $44.50 and $40.00.
Key Resistance Levels – $52.50 and $55.00.