cryptocurrency

Litecoin (LTC) Price Analysis: The main hurdle is at $58

  • Litecoin started a new decline from above the $62 area against the US Dollar.
  • LTC price is now trading below $58 and 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $58 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 $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 $60.

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 at a high of $62.75 and started a new low.

There was a clear move below the $60 and $58 support levels. The price fell below the $55 level and the 55 simple moving average (4-hours). Finally, the bulls were active near the $53 level. The bottom formed near $52.93 and the price started a recovery wave.

There was a move above the $55 resistance area. It rose above the 23.6% Fib retracement level of the recent decline from the $62.75 swing high to $52.93 low. The price is now trading below $58 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $58.00 and $59.00 levels. There is also a major bearish trend line forming with resistance near $59 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 $62.75 swing high to $52.93 low. The next major resistance is near the $60 level. A clear move above the $60 level could push the price towards the $62.75 level.

On the downside, immediate support is near the $55 level. The next major support is near the $53 level. If there is a downside break below the $53 support, the price may accelerate downwards towards the $50 level in the near term.

Litecoin (LTC) price

look at me ScheduleLitecoin price is clearly trading below $58 and 55 simple moving average (4 hours). In general, the price can start a proper upward movement if it crosses the levels of $58 and $60.

Technical Indicators

4-hour MACD – The MACD for LTC/USD is now losing momentum in the bullish zone.

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

Key Support Levels – $55 and $53

Key resistance levels – $58 and $60.

Tags: Litecoin, LTC

#Litecoin #LTC #Price #Analysis #main #hurdle

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