Litecoin price is currently declining and trading below the .00 and .00 support levels against the US Dollar.LTC price is testing the .00 support zone and it is well below the 55 simple moving average (4-hours).There was a break below a major connecting bullish trend line with support near .45 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair must break the .00 and .50 resistance levels to move into a positive zone.Litecoin price is currently struggling to recover against the US Dollar, similar to bitcoin. LTC price could continue to decline if it breaks the .00 support zone.Litecoin Price AnalysisIn the past two sessions, there was a sharp decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price climbed
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- Litecoin price is currently declining and trading below the $62.00 and $60.00 support levels against the US Dollar.
- LTC price is testing the $57.00 support zone and it is well below the 55 simple moving average (4-hours).
- There was a break below a major connecting bullish trend line with support near $61.45 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair must break the $60.00 and $60.50 resistance levels to move into a positive zone.
Litecoin price is currently struggling to recover against the US Dollar, similar to bitcoin. LTC price could continue to decline if it breaks the $57.00 support zone.
Litecoin Price Analysis
In the past two sessions, there was a sharp decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price climbed above the $60.00 resistance zone, but it failed to surpass the main $64.00 resistance.
A swing high was formed near $64.35 and the price started a sharp decline. There was a break below the $62.00 and $60.00 support levels. Moreover, there was a break below a major connecting bullish trend line with support near $61.45 on the 4-hours chart of the LTC/USD pair.
The decline was such that the pair broke the 50% Fib retracement level of the upward move from the $53.99 low to $64.35 high. It settled below the $60.00 support level and the 55 simple moving average (4-hours).
Litecoin price is now testing the $57.00 support level (a multi-touch zone). The next support is near the $56.50 level or the 76.4% Fib retracement level of the upward move from the $53.99 low to $64.35 high.
If there is a downside break below the $57.00 support zone, there is a risk of more losses below the $55.00 level. The next major support is near $54.00, below which the price might retest the $50.00 support. Conversely, the price might start a decent recovery wave from the $57.00 support.
An initial hurdle is near the $60.00 level and the 55 simple moving average (4-hours). A successful close above the $60.00 resistance is must for a fresh increase towards the $62.00 and $64.00 resistance levels.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading in a bearish zone below the $60.00 level. Overall, the price must break the $60.00 and $60.50 resistance levels to move into a positive zone in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently well below the 40 level.
Key Support Levels – $57.00 and $54.00.
Key Resistance Levels – $60.00 and $60.50.