- Litecoin is showing bearish signs and trading below $66 against the US Dollar.
- LTC price is now trading below $65 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $63.20 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a decent increase if it clears the $66 resistance zone.
Litecoin price is struggling below $66 against the US Dollar, similar to Bitcoin. LTC price could continue to decline if it stays below the $66 resistance zone.
Litecoin Price Analysis
In the past few days, there was a fresh decline in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC settled below the $70 support zone to move into a bearish zone.
The price broke the $68 support zone and started a fresh decline. It even traded below the $66 support. A low has formed near $61.43 and the price is now consolidating losses. It is now trading below $65 and the 55 simple moving average (4 hours).
Immediate resistance is near the $63.20 level. There is also a key bearish trend line forming with resistance near $63.20 on the 4-hour chart of the LTC/USD pair.
The 23.6% Fib retracement level of the downward move from the $70.68 swing high to the $61.43 low is also just above the trend line. The next major resistance is near the $65 level and the 55 simple moving average (4 hours).
The main resistance sits near $66 or the 50% Fib retracement level of the downward move from the $70.68 swing high to the $61.43 low. A clear move above the $66 level could pump the price toward the $70 level. The next major resistance could be $72.
On the downside, immediate support is near the $61.80 level. The next key support is near the $61.40 level. If there is a downside break below the $61.40 support, the price could accelerate lower toward the $58 level in the near term.
Looking at the chart, Litecoin price is clearly trading below $65 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $66 resistance 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 – $61.40 and $60.00.
Key Resistance Levels – $65.00 and $66.00.
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