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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Risk of More Downsides Below $160

Litecoin (LTC) Price Analysis: Risk of More Downsides Below $160

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  • Litecoin price remains in a bearish zone below $220 and $200 against the US Dollar.
  • LTC price is now trading below the $200 level and the 55 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $210 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to accelerate lower as long as it is below $200 and $220.

Litecoin price is struggling to clear the $200 barrier against the US Dollar, similar to bitcoin. LTC price is likely to resume its decline as long as it is below $220.

Litecoin Price Analysis

This past week, there was a sharp decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. LTC broke many supports near $250 and $220. It even broke the $200 support and settled well below the 55 simple moving average (4-hours).

Litecoin (LTC) Price
Litecoin (LTC) Price

It traded as low as $117 and it is now correcting higher. There was a break above the $150 and $155 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the recent decline from the $235 swing high to $117 low.

However, the price is struggling to clear the $200 resistance zone. There is also a crucial bearish trend line forming with resistance near $210 on the 4-hours chart of the LTC/USD pair.

The trend line is close to the 76.4% Fib retracement level of the recent decline from the $235 swing high to $117 low. A clear break above the trend line is needed for a push towards the $220 level. The next major resistance is near the $235 high.

Any more gains could lead the price towards the $262 resistance zone in the near term. If there is no upside break, the price could start a fresh decline. An initial support on the downside is near the $155 level. The next major support could be near the $120 zone. Any more losses might call for a drop towards the $100 level.

Looking at the chart, litecoin price is now trading well below $200 and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate lower as long as it is below $200 and $220.

Technical indicators

4 hours MACD – The MACD for LTC/USD is slowly losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is struggling to stay above the 50 level.

Key Support Levels – $155 and $120.

Key Resistance Levels – $200 and $220.

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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