- Litecoin started a fresh decline below the $80 zone against the US Dollar.
- LTC price is now trading below $80 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $88 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could struggle to clear the $85 and $88 resistance levels in the near term.
Litecoin price is struggling below $85 against the US Dollar, similar to bitcoin. LTC price could continue to decline if it stays below the $85 resistance zone.
Litecoin Price Analysis
In the past few sessions, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC started a decent increase above the $75 and $80 resistance levels.
The price was able to clear the 50% Fib retracement level of the downward move from the $98.35 swing high to $65.74 low. The bulls were able to pump the price above the $82 resistance zone and the 55 simple moving average (4-hours).
However, the bears were active near the 61.8% Fib retracement level of the downward move from the $98.35 swing high to $65.74 low. There is also a key bearish trend line forming with resistance near $88 on the 4-hours chart of the LTC/USD pair.
On the upside, the price is facing resistance near the $78 zone. The next major resistance sits near the $82 level. The main resistance is near the $85 level and the trend line. A clear move above the $88 level could pump the price towards the $92 level or even $100. The next major resistance could be $105.
On the downside, an immediate support is near the $73.50 level. The next key support is near the $72 level. If there is a downside break below the $72 support, the price could accelerate lower towards the $65 level in the near term.
Looking at the chart, litecoin price is clearly trading below $82 and the 55 simple moving average (4-hours). Overall, the price could struggle to clear the $85 and $88 resistance levels in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $72.00 and $65.00.
Key Resistance Levels – $80.00 and $85.00.
