Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Risk Of Additional Weakness To $60

Litecoin price is facing a strong resistance near the $72.50 and $75.00 levels against the US Dollar. LTC could extend losses towards the $62.00 or $60.00 support before a fresh increase.

Key Talking Points

  • Litecoin price failed to stay above the $75.40 support and declined recently (Data feed of Kraken) against the US Dollar.
  • There is a crucial bearish trend line formed with resistance near the $72.50 level on the 4-hour chart.
  • LTC price is likely to dive towards the $62.00 support level as long as it is below $75.40.

Litecoin Price Analysis (LTC)

This past week, there was a strong decline in bitcoin, Ethereum, EOS, ripple, litecoin and other altcoins against the US dollar. The LTC/USD pair broke a major support area near the $75.40 level to enter a bearish zone in the near term.

Litecoin Price Analysis LTC Chart

Looking at the 4-hour chart, LTC price declined heavily below the $75.40 support and settled below the 100 simple moving average (4-hour). The price even broke the $70.00 support level and traded as low as $67.08.

At the moment, the price is trading with a bearish angle, with an immediate resistance near the $70.00 level and the 23.6% Fib retracement level of the last drop from the $79.64 high to $67.08 low.

On the upside, there are many decisive resistances near the $72.50 and $75.00 levels. There is also a crucial bearish trend line formed with resistance near the $72.50 level on the 4-hour chart. Above the trend line, the next resistance is near the $74.00 level.

Besides, the 50% Fib retracement level of the last drop from the $79.64 high to $67.08 low is near the $73.35 level to act as a resistance. The main resistance is near the $75.40 level (the previous support).

A successful close above the $75.40 level and the 100 simple moving average (4-hour) is needed for litecoin price to start a strong upward move. The next major resistances are near $80.00 and $82.50. Conversely, a downside extension below the $67.00 level may push the price towards the next major supports near the $62.00 and $60.00 levels in the coming days.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE 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, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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