- Litecoin price started a major downside correction from the $69.00 swing high against the US Dollar.
- LTC price is currently holding the key $60.00 support zone and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $62.10 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could rise again, but the bulls need to clear the $65.00 resistance for a sustained upward move.
Litecoin price is holding a couple of important supports near $60.00 against the US Dollar, similar to bitcoin. LTC price could trade in a range above $60.00 before the next move.
Litecoin Price Analysis
In the past few sessions, there was a downside correction in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price gained bullish momentum above the $60.00 and $65.00 resistance levels.
The price even traded above the $66.00 resistance and settled above the 55 simple moving average (4-hours). However, the bulls failed to push the price above the $70.00 resistance. A swing high was formed near $69.02 and the price is currently correcting lower.
It broke the $65.00 support level to move into a short-term bearish zone. There was a break below the 50% Fib retracement level of the upward move from the $52.00 swing low to $69.02 high.
Moreover, there was a break below a key bullish trend line with support near $62.10 on the 4-hours chart of the LTC/USD pair. The pair finally found support near the $60.00 level and the 55 simple moving average (4-hours).
The 61.8% Fib retracement level of the upward move from the $52.00 swing low to $69.02 high is also acting as a support. The price is currently rising and trading above the $61.00 level. On the upside, it is facing hurdles near the $63.00 level.
The main resistance for litecoin price is near the $64.50 and $65.00 levels. A successful break above the $65.00 resistance is needed for a fresh increase. The next major hurdle is near $70.00. Conversely, the price might decline again towards the $60.00 support.
Looking at the chart, litecoin price is clearly recovering higher, but it is facing hurdles near $65.00. Overall, the price could rise again, but the bulls need to clear the $65.00 resistance for a sustained upward move in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now just below the 50 level.
Key Support Levels – $60.00 and $58.50.
Key Resistance Levels – $63.50 and $65.00.