HomeAltcoin NewsLitecoin (LTC) Price Analysis: Crucial Support At $60

Litecoin (LTC) Price Analysis: Crucial Support At $60

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  • Litecoin is struggling to stay above the $60 level against the US Dollar.
  • LTC price is now trading below $64 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $64 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could decline heavily if there is a clear move below the $60 support.

Litecoin price is gaining pace below $65 against the US Dollar, similar to bitcoin. LTC price could continue to move down if it stays below $65.

Litecoin Price Analysis

In the past few days, there were range moves in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC remained well bid above the $60 level and started an upside correction.

There was a move above the $62 and $64 resistance levels. However, the price failed to clear the main $65 resistance zone. A high was formed near $65.40 and the price started a fresh decline. There was a move below the $62 support zone.

A low is formed near $60.84 and the price is now consolidating losses. On the upside, the price might face resistance near the $62 level. It is near the 23.6% Fib retracement level of the downward move from the $65.43 swing high to $60.84 low.

The first major resistance is near the $64 level. There is also a key bearish trend line forming with resistance near $64 on the 4-hours chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $65.43 swing high to $60.84 low.

To start a fresh increase, the price must clear $64 and $65. On the downside, an immediate support is near the $61 level. The next key support is near the $60 level. If there is a downside break below the $60 support, the price could accelerate lower towards the $50 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $64 and the 55 simple moving average (4-hours). Overall, the price decline heavily if there is a clear move below the $60 support.

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 – $60 and $50

Key Resistance Levels – $62 and $65.

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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