Litecoin price declined below the .00 level before it found support near .00 against the US Dollar.LTC price is currently correcting higher above .00, but it is facing a lot of hurdles.There is a major declining channel is forming with resistance near .80 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair could either rally towards the .00 level or it might restart its decline below .00.Litecoin price is trading near a major breakout zone against the US Dollar, similar to bitcoin. LTC price must climb above .80 and .00 to start a fresh increase.Litecoin Price AnalysisThis past week, we saw a steady decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price broke the main .00 and .00 support levels to enter a
Topics:
Aayush Jindal considers the following as important: Altcoin News, Litecoin, LTC, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes Avail Teams Up with Leading Blockchain Platforms for Data Integration
Steve Muchoki writes Aligned Layer Successfully Raised M in Series A Funding Round Led by Hack VC
Mayowa Adebajo writes BNB Chain to Move Native Liquid Staking Feature to BSC
Temitope Olatunji writes Renzo (REZ) Addresses Community Backlash with Airdrop Adjustment and Token Stabilization Efforts
- Litecoin price declined below the $60.00 level before it found support near $56.00 against the US Dollar.
- LTC price is currently correcting higher above $60.00, but it is facing a lot of hurdles.
- There is a major declining channel is forming with resistance near $61.80 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could either rally towards the $68.00 level or it might restart its decline below $58.00.
Litecoin price is trading near a major breakout zone against the US Dollar, similar to bitcoin. LTC price must climb above $61.80 and $62.00 to start a fresh increase.
Litecoin Price Analysis
This past week, we saw a steady decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price broke the main $65.00 and $62.00 support levels to enter a bearish zone.
Moreover, the price spiked below the $60.00 support and settled below the 55 simple moving average (4-hours). It traded as low as $56.00 and is currently correcting higher. The bulls were able to push the price above the $58.00 level.
There was a break above the 60.00 pivot level. However, the price is now facing a strong resistance near the $61.80 and $62.00 levels.
More importantly, there is a major declining channel is forming with resistance near $61.80 on the 4-hours chart of the LTC/USD pair. It coincides with the 23.6% Fib retracement level of the downward move from the $80.72 high to $56.00 low.
The 55 simple moving average (4-hours) is also near the $62.00 area. Therefore, an upside break above the $62.00 resistance could open the doors for more gains. A successful break above $62.00 might push the price towards the $68.00 resistance.
The 50% Fib retracement level of the downward move from the $80.72 high to $56.00 low could act as a major hurdle for the bulls near the $68.00 level. Any further gains may perhaps call for a push above $70.00.
Conversely, the price might fail to continue above $61.80 and $62.00. In the mentioned case, the price is likely to resume its decline below $58.00 and $56.00.
Litecoin Price
Looking at the chart, litecoin price is clearly trading near a crucial juncture and it could either rally towards the $68.00 level or it might restart its decline below $58.00.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now close to the 50 level.
Key Support Levels – $58.00 and $56.00.
Key Resistance Levels – $62.00 and $68.00.