HomeAltcoin NewsLitecoin (LTC) Price Analysis: Support Turned Resistance At $80

Litecoin (LTC) Price Analysis: Support Turned Resistance At $80

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  • Litecoin price started a fresh decline below the $82.00 and $80.00 levels against the US Dollar.
  • LTC price traded close to the $72.00 level and settled below the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $83.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to face hurdles near $78.40 and $80.00 in the near term and resume its decline.

Litecoin price is currently trading in a bearish zone below $80.00 against the US Dollar, while bitcoin is above $18K. LTC price could continue to move down unless it breaks $80.00.

Litecoin Price Analysis

This week, there was a steady decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price failed to clear the $90.00 resistance level and started a fresh decline.

The last swing high was formed near $86.95 before there was a sharp decline. The price broke the $80.00 support level and settled below the 55 simple moving average (4-hours). There was also a break below the $75.00 level and the price traded close to $72.00.

A low is formed near $72.16 and the price is currently correcting higher. It surpassed the $75.00 level. There was also a break above the 23.6% Fib retracement level of the recent decline from the $86.95 high to $72.16 low.

It is now facing hurdles near the $78.40 level (a previous support and now resistance). The next key resistance is near the $80.00 level. It is also close to the 50% Fib retracement level of the recent decline from the $86.95 high to $72.16 low.

Moreover, there is a major bearish trend line forming with resistance near $83.20 on the 4-hours chart of the LTC/USD pair. Litecoin price must clear the $78.40 and $80.00 resistance levels to increase the chances of a fresh increase above $84.00.

Conversely, the price could continue to move down below $74.00. The first key support is near the $72.00 level. The next major support is near the $70.00 level, below which it could decline towards the $64.00 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly showing bearish signs below $80.00 and the 55 simple moving average (4-hours). Overall, the price is likely to face hurdles near $78.40 and $80.00 in the near term and resume its decline.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently struggling to gain momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is well below the 50 level.

Key Support Levels – $72.00 and $70.00.

Key Resistance Levels – $78.40 and $80.00.

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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