cryptocurrency

Litecoin (LTC) Price Analysis: Recovery could be capped at above $60

  • Litecoin started a new decline from above the $62 area against the US Dollar.
  • LTC price is now trading below $60 and 55 simple moving average (4 hours).
  • There was a break below the major uptrend line with support near $60 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 $60 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 gained pace to move above the $60 resistance area.

There was a clear move above the $62 and $64 resistance levels. The price even rose above the $65 level and the 55 simple moving average (4 hours). However, the bears were active near the $66 area. A swing high formed near $64.72 before there was a new low.

The price fell below the $60 level and the 55 simple moving average (4-hours). It even traded below the $55 support level before the bulls showed up. The bottom formed near 52.30 USD and the price is now correcting losses.

There was a move above the $55 resistance area. It rose above the 23.6% Fib retracement level of the downside move from the $64.72 swing high to $52.30 low. The price is now trading below $60 and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $57.00 and $57.20 levels. The next major resistance is near the $58.50 level. It is near the 50% Fib retracement level of the downside move from the $64.72 high to the $52.30 low.

A clear move above the $58.50 and $60.00 levels could push the price towards the $65 level. On the downside, immediate support is near the $55 level. The next major support is near the $53.20 level. If there is a downside breakout below the $53.20 support level, the price may accelerate lower towards the $50 level in the near term.

Litecoin (LTC) price

look at me ScheduleLitecoin price is clearly trading below $62 and 55 simple moving average (4 hours). In general, the price could recover, but the rallies may be limited above the $58 and $60 levels.

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 $53.20

Key resistance levels – $58 and $60.

Tags: Litecoin, LTC

#Litecoin #LTC #Price #Analysis #Recovery #capped

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