- Litecoin price started a strong decline below the $350 support against the US Dollar.
- LTC price is now trading well below the $350 level and the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support near $355 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is correcting losses, but it is likely to face sellers near $350 and $360.
Litecoin price started a major downside correction from the $400 zone against the US Dollar, similar to bitcoin. LTC price is correcting higher, but the $350 level holds the key.
Litecoin Price Analysis
Recently, there was a sharp decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC rallied nicely above the $320 and $350 resistance levels.
The price even broke the $400 barrier and settled above the 55 simple moving average (4-hours). However, the price struggled to stay above the $400 level and it recently started a major decline. There was a break below the $380 and $350 support levels.
There was also a break below a major bullish trend line with support near $355 on the 4-hours chart of the LTC/USD pair. Besides, there was even a break below the $320 level. A low is formed near $296 and the price is now correcting higher.
It is still trading well below the $350 level and the 55 simple moving average (4-hours). There was a break above the 23.6% Fib retracement level of the recent decline from the $395 swing high to $296 swing low.
An immediate resistance on the upside is near the $330 level. The first major resistance is near the $350 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the recent decline from the $395 swing high to $296 swing low.
A successful break above the $350 level is must to move back into a positive zone. The next major resistance could be near the $400 level.
If there is no upside break, the price could start a fresh decline. An initial support on the downside is near the $320 level. The next major support could be near the $300 zone. Any more losses might call for a drop towards the $250 pivot level.
Looking at the chart, litecoin price is now trading well below $350 the 55 simple moving average (4-hours). Overall, the price is correcting losses, but it is likely to face sellers near $350 and $360.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well below the 50 level.
Key Support Levels – $320 and $300.
Key Resistance Levels – $350 and $360.
