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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Struggle, Risk of More Losses

Litecoin (LTC) Price Analysis: Bulls Struggle, Risk of More Losses

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  • Litecoin started a fresh decline below the $95 zone against the US Dollar.
  • LTC price is now trading below $95 and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support near $93 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is at risk of a downside break below the $90 and $88 support levels.

Litecoin price is struggling below $95 against the US Dollar, similar to Bitcoin. LTC price could continue to decline if it stays below the $88 resistance zone.

Litecoin Price Analysis

In the past 2-3 sessions, there was a fresh decline in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC started a decent increase above the $95 and $100 resistance levels.

However, the bears were active near the $103.50 zone. A high is formed near $103.42 and the price started a major decline. There was a sharp move below the $100 and $95 levels. Besides, there was a break below a key bullish trend line with support near $93 on the 4-hour chart of the LTC/USD pair.

The price even spiked below the $90 level. A low is formed near $87.04 and the price is now consolidating losses. The price is now testing the 23.6% Fib retracement level of the downward move from the $103.42 swing high to the $87.04 low.

On the upside, the price is facing resistance near the $92 zone. The next major resistance sits near the $95 level. It is near the 50% Fib retracement level of the downward move from the $103.42 swing high to the $87.04 low.

The main resistance is near the $100 level. A clear move above the $100 level could pump the price toward the $103 level or even $105. The next major resistance could be $115.

On the downside, immediate support is near the $89.20 level. The next key support is near the $87 level. If there is a downside break below the $87 support, the price could accelerate lower toward the $80 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, Litecoin price is clearly trading below $95 and the 55 simple moving average (4 hours). Overall, the price is at risk of a downside break below the $90 and $88 support levels.

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 – $89.20 and $87.00.

Key Resistance Levels – $92.00 and $95.00.

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.

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