- Litecoin price started a fresh decline from the $280 resistance against the US Dollar.
- LTC price is now trading below $250 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $255 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could extend losses if there is a break below the $220 support zone.
Litecoin price is moving lower and trading below $240 against the US Dollar, similar to bitcoin. LTC price could extend losses if it stays below $250.
Litecoin Price Analysis
This week, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC was faced a strong selling below the $290 and $300 levels.
A high was formed near $281 and the price started a fresh decline. There was a break below the $265 and $255 support levels. The price is now trading below $250 and the 55 simple moving average (4-hours). A low is formed near $218 and is currently consolidating losses.
An immediate resistance is near the $232 level. It is near the 23.6% Fib retracement level of the recent downward move from the $281 swing high to $218 low. The next key resistance could be $245.
There is also a key bearish trend line forming with resistance near $255 on the 4-hours chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent downward move from the $281 swing high to $218 low.
A close above the $250 and $255 levels could open the doors for a decent increase. In the stated case, the price could rise towards the $265 barrier in the near term.
On the downside, an immediate support is near the $220 level. The first key support is near the $218 level. The next major support is near the $208 level. If there is a downside break the $208 support, the price could decline towards the $188 level. The next key support is near the $175 level.
Looking at the chart, litecoin price is clearly trading below $245 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a break below the $220 support zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining 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 – $218 and $208
Key Resistance Levels – $245 and $255.
