- Litecoin price declined heavily and broke a few key supports near $68.00 against the US Dollar.
- LTC price struggled to stay above $65.00 and even declined below $60.00.
- There was a break below an important bullish trend line with support at $72.80 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is now in a bearish zone and it could even decline below the $58.00 support.
Litecoin price is down more than 20% from highs against the US Dollar, similar to bitcoin. LTC price remains at a risk of more losses towards the $50.00 level.
Litecoin Price Analysis
In the past few days, there was a sharp decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price struggled to gain bullish momentum above the $78.00 and $80.00 levels.
As a result, there was a strong decline below the $75.00 and $70.00 support levels. Moreover, there was a close below the $70.00 level and the 55 simple moving average (4-hours).
During the decline, there was a break below an important bullish trend line with support at $72.80 on the 4-hours chart of the LTC/USD pair. The pair even nosedived below the $68.00 and $65.00 support levels.
Finally, it broke the $60.00 support and traded to a new weekly low at $57.25. It is currently consolidating losses, with an initial resistance is near the 23.6% Fib retracement level of the recent slide from the $80.72 high to $57.25 low.
If there is an upside correction above the $62.80 level, litecoin price could recover towards the $68.00 resistance level. Besides, the 50% Fib retracement level of the recent slide from the $80.72 high to $57.25 low is near the $69.00 level to act as a hurdle.
Conversely, the pair could fail to continue higher above the $63.00 and $65.00 levels. In the mentioned case, there is a risk of more losses below the $58.00 level.
The next major support is near the $55.00 level, below which the bears are likely to aim a test of the $50.00 support level in the coming days.
Looking at the chart, litecoin price is clearly trading in a bearish zone below the $65.00 area. Unless it climbs back above the $65.00 and $68.00, there are chances of more losses below the $58.00 level in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well below the 30 level.
Key Support Levels – $58.00 and $55.00.
Key Resistance Levels – $65.00 and $68.00.
