- Litecoin started a new low from the $60 area against the US Dollar.
- LTC price is now trading below $60 and 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $55 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could recover, but rallies may 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 has been a new drop in Bitcoin, Ethereum, Ripple and Litecoin against the US Dollar. Earlier, LTC formed a short-term top near $58 and started a new low.
There was a clear move below the $56 and $55 support levels. The price fell below the $55 level and the 55 simple moving average (4-hours). However, the bulls were active near the $51.50 level. The bottom formed near $51.69 and the price is now consolidating losses.
There was a move above the $53 resistance area. It rose above the 23.6% Fibonacci retracement level of the recent decline from the $58.31 high to the $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 major bearish trend line forming with resistance near $55 on the 4-hour chart of the LTC/USD pair.
The trend line is near the 50% Fib retracement level of the recent decline from the $58.31 high to the $51.69 low. The next major resistance is near the $58 level. A clear move above the $58.00 level could push the price towards the $60 level.
On the downside, there is immediate support near the $52 level. The next major support is near the $51.50 level. If there is a downside break below the $51.50 support level, the price may accelerate lower towards the $50 level in the near term.
look at me ScheduleLitecoin price is clearly trading below $60 and 55 simple moving average (4 hours). In general, the price could recover, but rallies may be limited above the $58 and $60 levels.
4-hour MACD – The MACD for LTC/USD is now losing momentum 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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