HomeAltcoin NewsLitecoin (LTC) Price Analysis: Risk of More Losses Below $60

Litecoin (LTC) Price Analysis: Risk of More Losses Below $60

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  • Litecoin started a recovery wave from the $60 level against the US Dollar.
  • LTC price is now trading below $65 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $64 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could accelerate lower if there is a clear move below the $60 support.

Litecoin price is losing pace below $65 against the US Dollar, similar to bitcoin. LTC price could continue to move down towards the $50 support.

Litecoin Price Analysis

In the past few days, there were range moves in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $60 level and started a recovery wave.

There was a move above the $55 and $68 resistance levels. However, the price failed to clear the $70 and $72 resistance levels. A high was formed near $70.50 and the price started a fresh decline. There was a move below the 50% Fib retracement level of the upward move from the $60.40 swing low to $70.50 high.

Besides, there was a break below a major bullish trend line with support near $64 on the 4-hours chart of the LTC/USD pair. The price is now trading below $65 and the 55 simple moving average (4-hours).

It also broke the 76.4% Fib retracement level of the upward move from the $60.40 swing low to $70.50 high. On the downside, an immediate support is near the $62 level. The next key support is near the $60 level. If there is a downside break below the $60 support, the price could continue to move down towards the $50 level in the near term.

On the upside, the price might face resistance near the $65 level. The first major resistance is near the $70 level. To start a fresh increase, the price must clear $70 and $72.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $65 and the 55 simple moving average (4-hours). Overall, the price could accelerate lower if there is a clear move below the $60 support.

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 – $60 and $50

Key Resistance Levels – $65 and $70.

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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