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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Recovery Could Be Capped Above $60

Litecoin (LTC) Price Analysis: Recovery Could Be Capped Above $60

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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 $60 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $60 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could recover, but upsides might be limited above the $58 and $60 levels.

Litecoin price is struggling below $60 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 gained pace for a move above the $60 resistance zone.

There was a clear move above the $62 and $64 resistance levels. The price even climbed above the $65 level and the 55 simple moving average (4-hours). However, the bears were active near the $66 zone. A swing high was formed near $64.72 before there was a fresh decline.

The price declined below the $60 level and the 55 simple moving average (4-hours). It even traded below $55 support level before the bulls appeared. A low is formed near $52.30 and the price is now correcting losses.

There was a move above the $55 resistance zone. It climbed above the 23.6% Fib retracement level of the downward move from the $64.72 swing high to $52.30 low. The price is now trading below $60 and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $57.00 and $57.20 levels. The next major resistance sits near the $58.50 level. It is near the 50% Fib retracement level of the downward move from the $64.72 swing high to $52.30 low.

A clear move above the $58.50 and $60.00 levels could pump the price towards the $65 level. On the downside, an immediate support is near the $55 level. The next key support is near the $53.20 level. If there is a downside break below the $53.20 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 $62 and the 55 simple moving average (4-hours). Overall, the price could recover, but upsides might be limited above 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 $53.20

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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