- Litecoin started a fresh decline from the $65 resistance zone against the US Dollar.
- LTC price is now trading below $60 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $57 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $60 resistance zone.
Litecoin price is struggling below $60 against the US Dollar, similar to bitcoin. LTC price could start a decent increase if it gains pace above the $60 level.
Litecoin Price Analysis
In the past few sessions, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC was able to climb above the $60 and $62 resistance levels.
The bulls even pushed the price above the $63.50 level. However, they failed to clear the $65 resistance. A high was formed near $64.12 and the price started a fresh decline. There was a steady drop below the $62 and $60 levels. The decline gained pace below the $58 support and the 55 simple moving average (4-hours).
A low was formed near $53.40 and the price is now correcting losses. There was a move above the $55 and $56 levels. Besides, there was a break above a key bearish trend line with resistance near $57 on the 4-hours chart of the LTC/USD pair.
The pair even cleared the 50% Fib retracement level of the downward move from the $64.12 swing high to $43.40 low. On the upside, the price is facing resistance near the $58.80 zone and the 55 simple moving average (4-hours).
The next major resistance sits near the $60.00 level. It is near the 61.8% Fib retracement level of the downward move from the $64.12 swing high to $43.40 low. A clear move above the $60 level could pump the price towards the $65 level or even $70. The next major resistance could be $75.
On the downside, an immediate support is near the $55 level. The next key support is near the $53.50 level. If there is a downside break below the $53.50 support, the price could accelerate lower towards the $48 level in the near term.
Looking at the chart, litecoin price is clearly trading below $60 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it clears the $60 resistance zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now losing 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 – $55.00 and $53.50
Key Resistance Levels – $60.00 and $65.00.
