- Litecoin is struggling to stay above the $60 level against the US Dollar.
- LTC price is now trading below $64 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $64 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could decline heavily if there is a clear move below the $60 support.
Litecoin price is gaining pace below $65 against the US Dollar, similar to bitcoin. LTC price could continue to move down if it stays below $65.
Litecoin Price Analysis
In the past few days, there were range moves in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC remained well bid above the $60 level and started an upside correction.
There was a move above the $62 and $64 resistance levels. However, the price failed to clear the main $65 resistance zone. A high was formed near $65.40 and the price started a fresh decline. There was a move below the $62 support zone.
A low is formed near $60.84 and the price is now consolidating losses. On the upside, the price might face resistance near the $62 level. It is near the 23.6% Fib retracement level of the downward move from the $65.43 swing high to $60.84 low.
The first major resistance is near the $64 level. There is also a key bearish trend line forming with resistance near $64 on the 4-hours chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $65.43 swing high to $60.84 low.
To start a fresh increase, the price must clear $64 and $65. On the downside, an immediate support is near the $61 level. The next key support is near the $60 level. If there is a downside break below the $60 support, the price could accelerate lower towards the $50 level in the near term.
Looking at the chart, litecoin price is clearly trading below $64 and the 55 simple moving average (4-hours). Overall, the price decline heavily if there is a clear move below the $60 support.
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 – $60 and $50
Key Resistance Levels – $62 and $65.
