- Litecoin is facing a major resistance near the $55.00 zone against the US Dollar.
- LTC price is now trading below $53.50 and the 55 simple moving average (4-hours).
- There is a key declining channel forming with resistance near $53.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a steady upward move if it clears the $53.50 and $55.00 levels.
Litecoin price is struggling below $5 against the US Dollar, similar to bitcoin. LTC price could start a strong increase if it gains pace above the $55 level.
Litecoin Price Analysis
In the past few days, there were range moves in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC attempted an upside break above the $54 and $55 resistance levels.
However, the price failed to clear the $55 resistance zone. A swing high was formed near $54.48 and the price started a fresh decline. There was a steady decline below the $53.50 and $52.50 levels. It traded as low as $51.11 and is currently consolidating losses.
It is now trading below $53.50 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $52.80 level. It is near the 50% Fib retracement level of the recent decline from the $54.48 swing high to $51.11 low.
The next major resistance sits near the $53.20 level. There is also a key declining channel forming with resistance near $53.20 on the 4-hours chart of the LTC/USD pair. The channel resistance is near the 61.8% Fib retracement level of the recent decline from the $54.48 swing high to $51.11 low.
The main barrier is still near the $55 zone. A clear move above the $55 level could pump the price towards the $58 level or even $60. The next major resistance could be $63.50.
On the downside, an immediate support is near the $51.20 level. The next key support is near the $50.00 level. If there is a downside break below the $50.00 support, the price could accelerate lower towards the $45 level in the near term.
Looking at the chart, litecoin price is clearly trading below $53.50 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if it clears the $53.50 and $55.00 levels.
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 – $51.20 and $50.00
Key Resistance Levels – $53.20 and $55.00.
