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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Risk of More Downsides Below $130

Litecoin (LTC) Price Analysis: Risk of More Downsides Below $130

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  • Litecoin price failed to climb above $150 and corrected lower against the US Dollar.
  • LTC price is now trading below $140 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $150 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could continue to move down if it stays below the $142 pivot level.

Litecoin price is struggling below $142 against the US Dollar, similar to bitcoin. LTC price could resume lower if it breaks the $134 support zone.

Litecoin Price Analysis

This week, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $150-152 resistance zone and started a fresh decline.

There was a break below the $142 and $140 support levels. There was a clear move below the 50% Fib retracement level of the upward move from the $120 swing low to $153 high. Besides, there was a break below a key bullish trend line with support near $150 on the 4-hours chart of the LTC/USD pair.

The price is now trading below $140 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $134 level.

The 61.8% Fib retracement level of the upward move from the $120 swing low to $153 high is also near the $134 level. The next key support is near the $130 level. If there is a downside break the $130 support, the price could visit $120.

The next major support is near the $110 level, below which the price could slide towards the $100 level. On the upside, litecoin is facing resistance near the $142 level. The next major resistance for the bulls is near the $145 level. A clear move above the $145 level could pump the price. The next key resistance could be $154.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly trading below $140 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a break below the $134 support.

Technical indicators

4 hours MACD – The MACD for LTC/USD is slowly gaining 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 – $134 and $130

Key Resistance Levels – $145 and $152.

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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