HomeAltcoin NewsLitecoin (LTC) Price Analysis: More Downsides Likely Below $60

Litecoin (LTC) Price Analysis: More Downsides Likely Below $60

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  • Litecoin price start a fresh decline after it failed to break the $75.00 resistance against the US Dollar.
  • LTC price is currently trading well below the main $70.80 and $70.00 support levels.
  • There is a crucial bearish trend line forming with resistance near $70.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair remains at a risk of more downsides and upsides could be capped near $70.00.

Litecoin price is facing an increase in selling pressure against the US Dollar and bitcoin. LTC is likely to extend its decline towards or below $60.00 in the coming sessions.

Litecoin Price Analysis

Earlier this week, litecoin price made an attempt to surpass the $75.00 and $76.00 resistances against the US Dollar. However, the LTC/USD pair failed to continue higher and recently started a fresh decline below the $72.00 support. Moreover, there was a break below the key $70.80 and $70.00 support levels. Finally, there was a close below the $70.00 level and the 55 simple moving average (4-hours).

The price traded as low as $64.36 and it is currently consolidating losses. An immediate resistance is near the $67.00 level. It represents the 23.6% Fib retracement level of the recent decline from the $75.99 high to $64.36 low. However, the main resistances on the upside are near the $69.00 and $70.00 levels (the previous support levels).

Additionally, the 50% Fib retracement level of the recent decline from the $75.99 high to $64.36 low is near the $69.98 level to act as a resistance. More importantly, there is a crucial bearish trend line forming with resistance near $70.00 on the 4-hours chart of the LTC/USD pair. Therefore, an upside correction towards the $69.00 and $70.00 resistance levels is likely to face a strong selling interest.

On the downside, an immediate support is near the $64.40 level. If there is a downside break below the $64.40 support, the price could continue to move down towards the $60.00 support area. Any further downsides could start a strong decline towards the $55.00 support.

Litecoin Price Analysis LTC Chart

Looking at the chart, litecoin price is clearly trading in a bearish zone below the $69.00 and $70.00 resistance levels. In the short term, there could be an upside correction towards the $68.00 or $69.00 level. However, sellers are likely to defend the upward move above $70.00. On the downside, they are likely to aim the $60.00 support area.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently well below the 30 level.

Key Support Levels – $64.40 and $60.00.

Key Resistance Levels – $69.00 and $70.00.

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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