32.1 C
Dubai
Monday, May 27, 2024
HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bears Are Active Near $68

Litecoin (LTC) Price Analysis: Bears Are Active Near $68

Date:

Related stories

  • Litecoin started a fresh decline below the $75 zone against the US Dollar.
  • LTC price is now trading below $72 and the 55 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $68.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could struggle to clear the $68 and $70 resistance levels in the near term.

Litecoin price is struggling below $72 against the US Dollar, similar to bitcoin. LTC price could continue to decline if it stays below the $72 resistance zone.

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 started a short term upside correction from the $61 support zone.

The price was able to climb above the $62 and $65 resistance levels. There was a move above the 23.6% Fib retracement level of the downward move from the $79.83 swing high to $61.01 low. The price even climbed above the $70 level and the 55 simple moving average (4-hours).

However, the bears were active near the $72 zone. They protected the 50% Fib retracement level of the downward move from the $79.83 swing high to $61.01 low.

The price is now trading below $72 and the 55 simple moving average (4-hours). There is also a crucial bearish trend line forming with resistance near $68.20 on the 4-hours chart of the LTC/USD pair.

On the upside, the price is facing resistance near the $68.00 zone. The next major resistance sits near the $70 level. The main resistance is near the $72 level. A clear move above the $72 level could pump the price towards the $75 level or even $80. The next major resistance could be $85.

On the downside, an immediate support is near the $65.00 level. The next key support is near the $62.00 level. If there is a downside break below the $62.00 support, the price could accelerate lower towards the $58 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $72 and the 55 simple moving average (4-hours). Overall, the price could struggle to clear the $68 and $70 resistance levels in the near term.

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 – $65.00 and $62.00

Key Resistance Levels – $68.00 and $72.00.

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.

Subscribe

Latest stories