HomeAltcoin NewsLitecoin (LTC) Price Remains At Risk Of More Losses

Litecoin (LTC) Price Remains At Risk Of More Losses

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  • Litecoin price failed to stay above the crucial $75.20 support and extended losses against the US Dollar.
  • LTC price tested the $70.40 level and it remains at a risk of more losses.
  • There is a major bearish trend line in place with resistance at $76.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could decline sharply if there is a break below the $70.40 and $70.00 support levels.

Litecoin price is currently trading below key supports against the US Dollar and bitcoin. LTC could tumble towards the $65.00 or $62.00 support if the $70.00 gives way.

Litecoin Price Analysis

In the past few days, there were range moves litecoin price below the $84.50 and $85.00 resistances against the US Dollar. The LTC/USD pair made a few attempts to break the $84.50 resistance, but it failed. As a result, there was a drop below the $78.00 support and the 55 simple moving average (4-hours). The decline was such that the price failed to stay above the crucial $75.20 support and extended losses. Sellers even kicked the price below the $72.50 support level and a new monthly low was formed near $70.40.

The price is currently consolidating gains above $70.50. It broke the 23.6% Fib retracement level of the last drop from the $79.77 high to $70.72 low.  On the upside, there is a strong resistance formed near the $75.20 and $75.40 levels. The 50% Fib retracement level of the last drop from the $79.77 high to $70.72 low is also near the $75.20 level. Moreover, there is a major bearish trend line in place with resistance at $76.20 on the 4-hours chart of the LTC/USD pair.

Finally, the 61.8% Fib retracement level of the last drop from the $79.77 high to $70.72 low is at $76.20. Therefore, the price is likely to struggle near the $75.20 and $76.20 resistance levels. Only a successful close above $78.00 and the 55 simple moving average (4-hours) could start a fresh increase.

Litecoin Price Analysis LTC USD Chart

Looking at the chart, litecoin price is clearly trading below key supports at $75.20. If it fails to recover above $75.20 and breaks the $70.40 support, there could be more losses. A clear break below the $70.00 support may push the price towards the $65.00 level. However, the main support is near the $61.40 level (the previous breakout resistance area).

Technical indicators

4 hours MACD – The MACD for LTC/USD is placed heavily in the bearish zone, with a lot of negative signs.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently recovering from 30, but it is well below 50.

Key Support Levels – $70.00 and $65.00.

Key Resistance Levels – $75.20 and $78.00.

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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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