- Litecoin price started a steady decline from the $125 resistance zone against the US Dollar.
- LTC price even declined below the $100.00 level and spiked below the 55 simple moving average (4-hours).
- There is a major declining channel forming with resistance near $108.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to find a strong buying interest near the $92.40 and $90.00 levels.
Litecoin price is slowly moving lower from well above $110.00 against the US Dollar, similar to bitcoin. LTC price could continue lower towards the main $92.40 and $90.00 support levels.
Litecoin Price Analysis
This week, there were swing moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price struggled to stay above the $120.00 level and started a steady decline.
There was a break below the $110.00 support level. The price even spiked below the $100.00 support level and the 55 simple moving average (4-hours). There was also a break below the 50% Fib retracement level of the key upward move from the $78.48 swing low to $124.25 high.
The price found support near the $95.00 level. The 61.8% Fib retracement level of the key upward move from the $78.48 swing low to $124.25 high also acted as a support.
It seems like there is a major declining channel forming with resistance near $108.00 on the 4-hours chart of the LTC/USD pair. In the short-term, there could be a fresh increase above $105.00. However, the price might struggle to clear the $108.00 and $110.00 levels.
If the bulls succeed, litecoin price might start a fresh increase towards the $115.00 and $120.00 levels. The next major resistance on the upside sits near the $125.00 zone.
Conversely, the price could continue to move lower below the $100.00 and $98.00 levels. The next major support is near the $92.40 level. The main breakdown support is likely forming near the $90.00 level.
Looking at the chart, litecoin price is clearly moving lower with a bearish angle below $105.00 and $108.00. Overall, the price is likely to find a strong buying interest near the $92.40 and $90.00 levels in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now moving towards the 40 level.
Key Support Levels – $92.40 and $90.00.
Key Resistance Levels – $108.00 and $115.00.