Litecoin price started a major decline from well above the .00 level against the US Dollar.LTC price traded as low as .76 and it is currently correcting higher.There are two bearish trend lines forming with resistance near .50 and .00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair is likely to face a strong selling interest if it recovers towards the .00 resistance.Litecoin price is holding the .00 support area and recovering against the US Dollar, similar to bitcoin. LTC price must surpass the .00 resistance to start a strong upward move.Litecoin Price AnalysisThis past week, there was a downside extension in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price broke the .20 support zone and settled below the 55
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- Litecoin price started a major decline from well above the $48.00 level against the US Dollar.
- LTC price traded as low as $41.76 and it is currently correcting higher.
- There are two bearish trend lines forming with resistance near $44.50 and $45.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to face a strong selling interest if it recovers towards the $45.00 resistance.
Litecoin price is holding the $42.00 support area and recovering against the US Dollar, similar to bitcoin. LTC price must surpass the $45.00 resistance to start a strong upward move.
Litecoin Price Analysis
This past week, there was a downside extension in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price broke the $43.20 support zone and settled below the 55 simple moving average (4-hours).
A low was formed near the $41.76 level before the price started an upside correction. There was a break above the $42.50 and $43.20 levels. The price also climbed above the 23.6% Fib retracement level of the downward move from the $47.14 high to $41.76 low.
However, the price seems to be facing a strong resistance near the $44.50 level and the 55 simple moving average (4-hours). Besides, there are two bearish trend lines forming with resistance near $44.50 and $45.00 on the 4-hours chart of the LTC/USD pair.
The first trend line is close to the 50% Fib retracement level of the downward move from the $47.14 high to $41.76 low. Therefore, litecoin price must surpass the $44.50 and $45.00 resistance levels to continue higher.
The next major resistance could be near the $48.00 level, above which the bulls are likely to aim a test of the main $50.00 resistance zone. Conversely, the price might struggle to clear the $45.00 resistance and start another decline.
An initial support is near the $42.50 level. A successful daily close below the $42.00 region may perhaps accelerate the decline and LTC could move down towards the $40.00 and $38.50 support levels.
Litecoin Price
Looking at the chart, litecoin price is clearly facing a major hurdle near the $44.50 and $45.00 resistance levels. Therefore, a clear break above the $45.00 level is needed for more gains. If not, there could be a bearish reaction towards the $40.00 support.
Technical indicators
4 hours MACD – The MACD for LTC/USD is struggling to stay in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently just below the 50 level.
Key Support Levels – $42.50 and $42.00.
Key Resistance Levels – $44.50 and $45.00.