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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Key Hurdle Sits At $58

Litecoin (LTC) Price Analysis: Key Hurdle Sits At $58

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  • 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.

Litecoin (LTC) Price
Litecoin (LTC) Price

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.

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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