- Litecoin price is currently trading in a bearish zone below the $64.00 and $60.00 levels against the US Dollar.
- LTC price is facing a major hurdle near $60.00 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $60.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair must break the $60.00 and $61.00 resistance levels to move into a positive zone.
Litecoin price is currently following a bearish path against the US Dollar, similar to bitcoin. LTC price could continue to move down as long as it is below $60.00.
Litecoin Price Analysis
In the past few sessions, there was a steady decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price failed to hold the $64.00 and $60.00 support levels and it moved into a bearish zone.
The decline was such that the price even traded below $58.00 and settled below the 55 simple moving average (4-hours). It tested the $56.00 support area, where the bulls took a stand. A low is formed near $56.61 and the price is currently consolidating losses.
It is trading near the 23.6% Fib retracement level of the recent decline from the $62.95 high to $56.61 low. On the upside, the price is facing a major hurdle near $60.00 and the 55 simple moving average (4-hours).
There is also a key bearish trend line forming with resistance near $60.00 on the 4-hours chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $62.95 high to $56.61 low.
Therefore, the price must clear the $60.00 resistance zone and the 55 simple moving average (4-hours) to start a decent increase in the near term. The next major resistance on the upside is near the $63.80 and $64.00 levels.
Conversely, the price might continue to move down below $57.00 and $56.00. If there is a clear break below $55.00, the price is likely to test the $52.50 support level.
Looking at the chart, litecoin price is clearly trading in a bearish zone below the $60.00 level. Overall, the price must break the $60.00 and $61.00 resistance levels to move into a positive zone in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently close to the 40 level.
Key Support Levels – $56.00 and $55.00.
Key Resistance Levels – $60.00 and $61.00.