- Litecoin started a fresh decline from well above the $62 zone against the US Dollar.
- LTC price is now trading below $58 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $58 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a decent upward move if it clears the $58 and $60 levels.
Litecoin price is struggling below $58 against the US Dollar, similar to bitcoin. LTC price could resume its decline if there is no clear move above $60.
Litecoin Price Analysis
In the past few days, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC traded as high as $62.75 and started a fresh decline.
There was a clear move below the $60 and $58 support levels. The price even declined below the $55 level and the 55 simple moving average (4-hours). Finally, the bulls were active near the $53 level. A low was formed near $52.93 and the price started a recovery wave.
There was a move above the $55 resistance zone. It climbed above the 23.6% Fib retracement level of the recent decline from the $62.75 swing high to $52.93 low. The price is now trading below $58 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $58.00 and $59.00 levels. There is also a key bearish trend line forming with resistance near $59 on the 4-hours chart of the LTC/USD pair.
The trend line is near the 50% Fib retracement level of the recent decline from the $62.75 swing high to $52.93 low. The next major resistance sits near the $60 level. A clear move above the $60 level could pump the price towards the $62.75 level.
On the downside, an immediate support is near the $55 level. The next key support is near the $53 level. If there is a downside break below the $53 support, the price could accelerate lower towards the $50 level in the near term.
Looking at the chart, litecoin price is clearly trading below $58 and the 55 simple moving average (4-hours). Overall, the price could start a decent upward move if it clears the $58 and $60 levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now near the 50 level.
Key Support Levels – $55 and $53
Key Resistance Levels – $58 and $60.
