Litecoin price topped near the .20 area and declined recently against the US Dollar.LTC price is now trading below the .00 level, with a couple of bearish signs.There is a key bearish trend line forming with resistance near .00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair remains at a risk of more downsides below the .00 support area.Litecoin price is currently correcting lower below .00 against the US Dollar, similar to bitcoin. LTC price could continue to slide towards the key .00 support area.Litecoin Price AnalysisThis week, there were corrective moves in bitcoin, Ethereum, ripple and litecoin against the US Dollar. Earlier, LTC price surged above the .00 and .00 resistance levels.It traded to a new 2020 high at .18 and recently
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- Litecoin price topped near the $63.20 area and declined recently against the US Dollar.
- LTC price is now trading below the $60.00 level, with a couple of bearish signs.
- There is a key bearish trend line forming with resistance near $58.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair remains at a risk of more downsides below the $55.00 support area.
Litecoin price is currently correcting lower below $60.00 against the US Dollar, similar to bitcoin. LTC price could continue to slide towards the key $52.00 support area.
Litecoin Price Analysis
This week, there were corrective moves in bitcoin, Ethereum, ripple and litecoin against the US Dollar. Earlier, LTC price surged above the $58.00 and $60.00 resistance levels.
It traded to a new 2020 high at $63.18 and recently started a downside correction. It traded below the key $60.20 and $60.00 support levels to enter a short term bearish zone.
Moreover, there was a break below a major bullish trend line with support at $58.00 on the 4-hours chart of the LTC/USD pair. It opened the doors for more losses and the price declined below $56.50 plus the 55 simple moving average (4-hours).
An immediate support is near the $55.90 level. It coincides with the 50% Fib retracement level of the upward wave from the $48.74 low to $63.18 high.
However, the current price action suggests that the price might continue to move down below $55.80 and $55.00. The next major support is near the $52.15 level. It represents the 76.4% Fib retracement level of the upward wave from the $48.74 low to $63.18 high.
Any further losses may perhaps lead litecoin price towards the key $50.00 support area in the near term. On the upside, an initial resistance is near the $58.00 level and the 55 simple moving average (4-hours).
Besides, there is a key bearish trend line forming with resistance near $58.00 on the same chart. Therefore, a proper break above the $58.00 resistance and a follow though above $60.00 is needed for more gains in the near term.
Litecoin Price
Looking at the chart, litecoin price is clearly correcting gains below $60.00. It seems like the bulls are losing control and there is a risk of a larger downside correction below $55.00 and $54.00 in the coming sessions.
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 now well below the 50 level.
Key Support Levels – $55.80 and $52.00.
Key Resistance Levels – $58.00 and $60.00.