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Litecoin (LTC) Price Analysis: Bears Aim Test of $50

Summary:
Litecoin started a fresh decline from the resistance against the US Dollar. LTC price is now trading below and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair could accelerate lower towards the and support levels in the near term. Litecoin price is gaining pace below against the US Dollar, similar to bitcoin. LTC price could continue to move down towards the support. Litecoin Price Analysis This week, there was a major decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC attempted an upside break above the resistance. The price struggled to gain pace above and started a

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  • Litecoin started a fresh decline from the $85 resistance against the US Dollar.
  • LTC price is now trading below $75 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $66 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could accelerate lower towards the $52 and $50 support levels in the near term.

Litecoin price is gaining pace below $70 against the US Dollar, similar to bitcoin. LTC price could continue to move down towards the $50 support.

Litecoin Price Analysis

This week, there was a major decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC attempted an upside break above the $85 resistance.

The price struggled to gain pace above $85 and started a fresh decline. There was a sharp move below the $80 and $75 support levels. The bears were able to push the price below the $70 support and the 55 simple moving average (4-hours).

It even traded below $60 and is showing a lot of bearish signs. On the downside, an immediate support is near the $58 level. The next key support is near the $55 level. If there is a downside break below the $55 support, the price could continue to move down towards the $50 level in the near term.

On the upside, the price might face resistance near the $65 and $66 levels. It is near the 23.6% Fib retracement level of the recent decline from the $85 swing high to $59 low.

The first major resistance is near the $67 level. There is also a key bearish trend line forming with resistance near $66 on the 4-hours chart of the LTC/USD pair. The next key resistance is near the $72 level or the 50% Fib retracement level of the recent decline from the $85 swing high to $59 low. To start a fresh increase, the price must clear $72 and $75.

Litecoin (LTC) Price

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $70 and the 55 simple moving average (4-hours). Overall, the price could accelerate lower towards the $52 and $50 support levels in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now gaining pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.

Key Support Levels – $55 and $50

Key Resistance Levels – $65 and $72.

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