- Litecoin price is declining and trading well below the $50.00 level against the US Dollar.
- LTC price is struggling to recover above the $46.50 and $47.20 resistance levels.
- There is a major declining channel forming with resistance near $46.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to extend its decline below the $44.00 and $42.00 levels in the near term.
Litecoin price is trading in a major downtrend against the US Dollar and bitcoin. LTC price could accelerate losses below $42.00 until it settles above the $50.00 resistance.
Litecoin Price Analysis
After a nasty rise, there was a subsequent reversal in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price remained in a downtrend below the $49.30 and $48.50 pivot levels.
Moreover, there was a close below the $46.50 level and the 55 simple moving average (4-hours). The recent decline was such that the price even broke the $45.00 level.
A new low is formed near $43.71 and the price is currently consolidating losses. On the upside, an initial resistance is near the $45.05 level. Besides, the 23.6% Fib retracement level of the downward move from the $49.40 high to $43.71 low is also near $45.05.
On the upside, the first key resistance is near the $46.50 level. Additionally, there is a major declining channel forming with resistance near $46.00 on the 4-hours chart of the LTC/USD pair.
The channel resistance is near the 50% Fib retracement level of the downward move from the $49.40 high to $43.71 low. Above the channel resistance, the 55 simple moving average (4-hours) is also near the $46.60 level.
Therefore, the price might struggle to surpass the $46.50 resistance area. The next major resistance is near the $49.30 level. An intermediate resistance is near the $48.00 level since it the 76.4% Fib retracement level of the downward move from the $49.40 high to $43.71 low.
Conversely, the price is likely to continue lower below the $43.70 and $42.50 support levels. The main support is near the $40.50 level, below which there is a risk of a sharp decline in the coming sessions.
Looking at the chart, litecoin price is clearly trading in a bearish zone below the $46.50 and $48.00 resistance levels. It seems like the price could even test the $40.00 support unless the bulls gain traction above $46.50 and $49.20.
4 hours MACD – The MACD for LTC/USD is slowly losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well below the 50 level, with a bearish angle.
Key Support Levels – $42.50 and $40.50.
Key Resistance Levels – $46.50 and $48.00.