- Litecoin started a recovery wave from the $52 level against the US Dollar.
- LTC price is now trading below $70 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $67 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could accelerate lower towards the $60 and $55 support levels in the near term.
Litecoin price is losing pace below $70 against the US Dollar, similar to bitcoin. LTC price could continue to move down towards the $55 support.
Litecoin Price Analysis
In the past few days, there were range moves in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $52 level and started a recovery wave.
There was a move above the $55 and $60 resistance levels. The price climbed above the 50% Fib retracement level of the key decline from the $85 swing high to $52 low. The bulls attempted a move above the $72 and $75 resistance levels.
However, they failed to gain strength above $72. The price also stayed below the 61.8% Fib retracement level of the key decline from the $85 swing high to $52 low.
It is now trading below $70 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $67 level. There is also a key bullish trend line forming with support near $67 on the 4-hours chart of the LTC/USD pair.
The next key support is near the $60 level. If there is a downside break below the $60 support, the price could continue to move down towards the $55 level in the near term.
On the upside, the price might face resistance near the $72 and $73 levels. The first major resistance is near the $75 level. To start a fresh increase, the price must clear $72 and $75.
Looking at the chart, litecoin price is clearly trading below $75 and the 55 simple moving average (4-hours). Overall, the price could accelerate lower towards the $60 and $55 support 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 – $67 and $55
Key Resistance Levels – $72 and $75.
