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Litecoin (LTC) Price Analysis: Bulls Struggle Near $56 and $58

Summary:
Litecoin started a fresh decline from well above the zone 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 recover, but upsides might be limited above the and levels. Litecoin price is struggling below against the US Dollar, similar to bitcoin. LTC price could resume its decline if there is no clear move above . Litecoin Price Analysis In the past few days, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a short-term top near and started a fresh decline. There was a clear move below

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  • Litecoin started a fresh decline from well above the $60 zone against the US Dollar.
  • LTC price is now trading below $60 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $55 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could recover, but upsides might be limited above the $58 and $60 levels.

Litecoin price is struggling below $58 against the US Dollar, similar to bitcoin. LTC price could resume its decline if there is no clear move above $58.

Litecoin Price Analysis

In the past few days, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a short-term top near $58 and started a fresh decline.

There was a clear move below the $56 and $55 support levels. The price even declined below the $55 level and the 55 simple moving average (4-hours). However, the bulls were active near the $51.50 level. A low is formed near $51.69 and the price is now consolidating losses.

There was a move above the $53 resistance zone. It climbed above the 23.6% Fib retracement level of the recent decline from the $58.31 swing high to $51.69 low. The price is now trading below $55 and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $54.80 and $55.00 levels. There is also a key bearish trend line forming with resistance near $55 on the 4-hours chart of the LTC/USD pair.

The trend line is near the 50% Fib retracement level of the recent decline from the $58.31 swing high to $51.69 low. The next major resistance sits near the $58 level. A clear move above the $58.00 level could pump the price towards the $60 level.

On the downside, an immediate support is near the $52 level. The next key support is near the $51.50 level. If there is a downside break below the $51.50 support, the price could accelerate lower towards the $50 level in the near term.

Litecoin (LTC) Price Analysis: Bulls Struggle Near $56 and $58

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $60 and the 55 simple moving average (4-hours). Overall, the price could recover, but upsides might be limited above the $58 and $60 levels.

Technical indicators

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

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

Key Support Levels – $52 and $51.50

Key Resistance Levels – $55 and $58.

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