Litecoin price started a sharp decline from the .00 resistance area against the US Dollar.LTC price broke the .00 support area to move into a short term bearish zone.There is a key bearish trend line forming with resistance near .80 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair could accelerate its losses if it breaks the .50 and .00 support levels.Litecoin price is showing bearish signs against the US Dollar, similar to bitcoin. LTC price could decline heavily if it fails to stay above the .00 support area.Litecoin Price AnalysisRecently, there was a strong decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price climbed above the .00 resistance area. However, it failed to gain momentum above the .00
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Aayush Jindal writes Litecoin (LTC) Price Analysis: Bears Take Control Below
- Litecoin price started a sharp decline from the $80.00 resistance area against the US Dollar.
- LTC price broke the $75.00 support area to move into a short term bearish zone.
- There is a key bearish trend line forming with resistance near $75.80 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could accelerate its losses if it breaks the $67.50 and $65.00 support levels.
Litecoin price is showing bearish signs against the US Dollar, similar to bitcoin. LTC price could decline heavily if it fails to stay above the $65.00 support area.
Litecoin Price Analysis
Recently, there was a strong decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price climbed above the $75.00 resistance area. However, it failed to gain momentum above the $80.00 resistance area and the 55 simple moving average (4-hours).
A swing high was formed near $79.81 and the price started a strong decline. It broke a couple of important supports near the $75.00 level to move into a short term bearish zone.
The decline was such that the price spiked below the $70.00 level and tested the $68.00 support area. A swing low is formed near $67.67 and the price is currently consolidating losses.
An initial resistance is near the $70.50 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $79.81 high to $67.63 low. On the upside, there are many hurdles near the $70.00 and $72.50 levels.
Besides, the 50% Fib retracement level of the recent decline from the $79.81 high to $67.63 low is near the $73.70 level to act as a resistance. There is also a key bearish trend line forming with resistance near $75.80 on the 4-hours chart of the LTC/USD pair.
Therefore, a clear break above the $72.00 and $75.00 levels could be difficult in the near term. On the downside, the main support is near the $68.00 area. If the price fails to stay above the $68.00 support, there is a risk of a sharp decline below the $65.00 level in the coming sessions.
Litecoin Price
Looking at the chart, litecoin price is clearly back in a short term bearish zone, but the $68.00 area holds the key. If the bulls fail to defend $68.00, there could be another sharp decline in the near term.
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 – $68.00 and $65.00.
Key Resistance Levels – $75.00 and $75.00.