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Litecoin (LTC) Price Analysis: Upsides Could Be Capped Near $70

Summary:
Litecoin started a fresh decline from the resistance zone against the US Dollar. LTC price is now trading below and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair could struggle to clear the and resistance levels in the near term. Litecoin price is struggling below against the US Dollar, similar to bitcoin. LTC price could continue to decline if it stays below the resistance zone. Litecoin Price Analysis In the past few sessions, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the and resistance levels. As a result, there was

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  • Litecoin started a fresh decline from the $80 resistance zone against the US Dollar.
  • LTC price is now trading below $70 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $71 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could struggle to clear the $68 and $70 resistance levels in the near term.

Litecoin price is struggling below $70 against the US Dollar, similar to bitcoin. LTC price could continue to decline if it stays below the $70 resistance zone.

Litecoin Price Analysis

In the past few sessions, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $78 and $80 resistance levels.

As a result, there was a sharp bearish wave below the $75 level. There was a drop below the $72 and $70 levels. The decline gained pace below the $70 support and the 55 simple moving average (4-hours). The price spiked below the $65 level and tested $62.

A low is formed near $61 and the price is now consolidating losses. On the upside, the price is facing resistance near the $66.50 zone. It is near the 23.6% Fib retracement level of the downward move from the $84.97 swing high to $61.00 low.

The next major resistance sits near the $68 level and the 55 simple moving average (4-hours). The main resistance is near the $70 level. There is also a major bearish trend line forming with resistance near $71 on the 4-hours chart of the LTC/USD pair.

The trend line is near the 50% Fib retracement level of the downward move from the $84.97 swing high to $61.00 low. A clear move above the $72 level could pump the price towards the $80 level or even $85. The next major resistance could be $92.

On the downside, an immediate support is near the $64.00 level. The next key support is near the $61.00 level. If there is a downside break below the $61.00 support, the price could accelerate lower towards the $58 level in the near term.

Litecoin (LTC) Price Analysis: Upsides Could Be Capped Near $70

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 struggle to clear the $68 and $70 resistance levels in the near term.

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 below the 50 level.

Key Support Levels – $64.00 and $61.00

Key Resistance Levels – $68.00 and $70.00.

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