- Litecoin failed to clear the $120 resistance and started a fresh decline against the US Dollar.
- LTC price is now trading below $105 and the 55 simple moving average (4-hours).
- There is a major bearish trend line with resistance near $104 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to decline if there is a close below the $100 level.
Litecoin price is struggling below $105 against the US Dollar, similar to bitcoin. LTC price decline heavily if there is a close below the $100 level.
Litecoin Price Analysis
This week, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC attempted an upside break above the $115 resistance zone.
However, the bears remained active near the $115 zone and the price reacted to the downside. There was a sharp decline below the $105 support zone. The price even declined below the $100 level and settled below the 55 simple moving average (4-hours).
It is now consolidating near the $102 support zone. On the upside, an initial resistance is near the $100 level. It is close to the 50% Fib retracement level of the recent decline from the $112 swing high to $97 low.
The first major resistance is near the $105 level. There is also a major bearish trend line with resistance near $104 on the 4-hours chart of the LTC/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $112 swing high to $97 low.
The main resistance is forming near the $115 level and the 55 simple moving average (4-hours). To start a fresh increase, the price must clear $115. In the stated case, the price could rise towards $125. The next key resistance could be $132.
On the downside, an immediate support is near the $97 level. The next key support is near the $92 level. If there is a downside break below the $92 support, the price could continue to move down towards the $85 level.
Looking at the chart, litecoin price is clearly trading below $105 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a close below the $100 level.
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 – $97 and $92
Key Resistance Levels – $102 and $105.
