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 price failed to surpass the $65.00 resistance area and declined recently against the US Dollar.
  • LTC price is currently trading well below the $62.50 and $62.00 support levels.
  • There was a break below a major bullish trend line with support near $61.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair remains at a risk of more losses below the $58.80 and $57.50 support levels.

Litecoin price is facing an increase in selling pressure against the US Dollar and bitcoin. LTC price is likely to struggle near $61.00 and it could slide below $58.00.

Litecoin Price Analysis

Recently, there was a downward move in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price failed to surpass the $65.00 resistance area and declined below the $62.00 support area.

The last swing high was formed near $66.26 before the price started a fresh decrease. It broke many supports near $62.50 and $62.00 to move into a bearish zone. Moreover, there was a break below the 61.8% Fib retracement level of the upward move from the $58.77 low to $66.26 high.

More importantly, there was a break below a major bullish trend line with support near $61.00 on the 4-hours chart of the LTC/USD pair. The pair is now trading below the $60.00 level and the 55 simple moving average (4-hours).

An immediate support is near the $58.80 support area. If the price fails to stay above the $58.80 support, it could continue to move down towards the next support at $57.00.

The 1.236 Fib extension level of the upward move from the $58.77 low to $66.26 high is also near the $57.00 level to provide support in the near term. Any further losses may perhaps push the price towards the $55.00 support area.

Conversely, if there is an upside correction, the price could test the $61.00 resistance. The main resistance is near the $62.00 area (the previous support). Additionally, the 55 simple moving average (4-hours) is also near the $62.00 area to act as a resistance.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly declining below key supports near $62.00 and $62.00. Therefore, there is a risk of more losses below the $58.80 support area. The main region where the bulls could take a stand is near the $57.00 level. On the upside, a close above $62.00 is must for a fresh increase to $65.00.

Technical indicators

4 hours MACD – The MACD for LTC/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is declining and it may test the 30 level.

Key Support Levels – $58.80 and $57.00.

Key Resistance Levels – $62.00 and $65.00.

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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