- Litecoin started a new decline from well above the $58 area against the US Dollar.
- LTC price is now trading below $55 and 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $53.20 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair can start a proper upward movement if it crosses the $54 and $55 levels.
Litecoin price is struggling below $55 against the US dollar, similar to Bitcoin. LTC price could resume its decline if there is no clear move above $55.
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 traded as high as $58.42 and started a new low.
There was a clear move below the $55 and $54 support levels. The price even broke below the $52 level and the 55 simple moving average (4-hours). Finally, the bulls were active near the $50 level. The bottom formed near $50.01 and the price started a recovery wave.
There was a move above the $52 resistance area. It rose above the 23.6% Fib retracement level of the recent decline from $58.42 to the low of $50.01. 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 $53.00 and $54.00 levels. There is also a major bearish trend line forming with resistance near $53.20 on the 4-hour chart of the LTC/USD pair.
The trend line is below the 50% Fib retracement level of the recent decline from the high-swinging $58.42 to the $50.01 low. The next major resistance is near the $55 level. A clear move above the $55 level could push the price towards the $58 or even $60 level.
On the downside, immediate support is near the $51 level. The next major support is near the $50 level. If there is a downside break below the $50 support level, the price may accelerate lower towards the $45 level in the near term.
look at me ScheduleLitecoin price is clearly trading below $55 and 55 simple moving average (4 hours). In general, the price can start a proper upward movement if it crosses the $54 and $55 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 below the 50 level.
Key Support Levels – $51 and $50
Key resistance levels – $54 and $55.
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