HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Protect Key Support At $68

Litecoin (LTC) Price Analysis: Bulls Protect Key Support At $68

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  • Litecoin started a downside correction from the $77.00 zone against the US Dollar.
  • LTC price is now trading below $70 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $69.65 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it stays above the $67.20 support.

Litecoin price is correcting gains from $77.00 against the US Dollar, like Bitcoin. LTC price could resume its increase if it remains well supported above the $67.20 level.

Litecoin Price Analysis

In the past few days, there was another decline in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $65 level and started a fresh increase.

There was a clear move above the $68 and $70 resistance levels. The price even climbed above the $75 level and the 55 simple moving average (4 hours). However, the bears were active near the $77.00 zone. The recent high was formed near $77.10 and the price started a downside correction.

There was a move below the $72 level. The price traded below the 50% Fib retracement level of the upward move from the $61.10 swing low to the $77.10 high.

Litecoin is now trading below $70 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $70.00 level. There is also a key bearish trend line forming with resistance near $69.65 on the 4-hour chart of the LTC/USD pair.

The next major resistance sits near the $71.20 level. A clear move above the $71.20 level could pump the price toward the $75 level. Any more gains might call for a test of $80.

Immediate support is near the $68.25 level. The next major support is near the $67.20 zone or the 61.8% Fib retracement level of the upward move from the $61.10 swing low to the $77.10 high. A downside break below the $63.75 support might start a strong decline.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, Litecoin price is trading below $70 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $67.20 support.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now losing 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 – $68.25 and $67.20

Key Resistance Levels – $70.00 and $71.20.

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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