- 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.
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.
