Litecoin price started a sharp downside correction from the 0 resistance against the US Dollar. LTC price is now trading well below 0 and the 55 simple moving average (4-hours). There is a key contracting triangle forming with resistance near 8 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair must clear the 0 and 0 resistance level for more upsides in the near term. Litecoin price is consolidating losses below 0 against the US Dollar, while bitcoin is above K. LTC price must settle above 0 to avoid another decline in the near term. Litecoin Price Analysis Recently, there was a sharp decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC extended its gains above the 0 and 5
Topics:
Aayush Jindal considers the following as important: Altcoin News, Litecoin, LTC, News, Trading
This could be interesting, too:
Emily John writes GRVT Launches Alertatron Trading Event and Airdrop Before TGE
Bilal Hassan writes Coinbase Expands in Nigeria with Onboard Global Partnership
Guest User writes XRP Price Faces Potential Drop: Leading KOL Warns of Imminent Correction with TD Sequential Sell Signal!
Bilal Hassan writes Bitget Expands in South Africa with Callpay Integration
- Litecoin price started a sharp downside correction from the $250 resistance against the US Dollar.
- LTC price is now trading well below $200 and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $188 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair must clear the $190 and $200 resistance level for more upsides in the near term.
Litecoin price is consolidating losses below $200 against the US Dollar, while bitcoin is above $50K. LTC price must settle above $200 to avoid another decline in the near term.
Litecoin Price Analysis
Recently, there was a sharp decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC extended its gains above the $220 and $235 resistance levels.
However, the price failed to clear the $250 resistance and started a sharp decline. There was a break below the $220 support level. There was also a break below a major bullish trend line with support near $220 on the 4-hours chart of the LTC/USD pair.
It opened the doors for more losses below $200 and the 55 simple moving average (4-hours). The price even declined below the $180 support and tested $160.
A low is formed near $158 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the recent decline from the $250 swing high to $158 low. It seems like there is a key contracting triangle forming with resistance near $188 on the same chart.
The next major resistance is near the $200 zone. The 50% Fib retracement level of the recent decline from the $250 swing high to $158 low is also near $202.
To move back into a positive zone, the price must clear the $200 resistance zone. The next key resistance is near the $220 level. Conversely, there is a risk of another decline below the $175 and $170 levels. The main support is near $160, below which the price might test $150.
Litecoin (LTC) Price
Looking at the chart, litecoin price is now trading well below $200 and the 55 simple moving average (4-hours). Overall, the price must clear the $190 and $200 resistance level for more upsides in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently struggling to gain pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is still well below the 50 level.
Key Support Levels – $170 and $160.
Key Resistance Levels – $190 and $200.