HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bears Aim More Downsides

Litecoin (LTC) Price Analysis: Bears Aim More Downsides

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  • 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.

Litecoin (LTC) Price
Litecoin (LTC) Price

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.

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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