Litecoin worth began a recent decline from the $80 resistance towards the US Dollar. LTC is struggling and stays at a danger of extra losses in direction of the $55 assist.
- Litecoin began a recent decline from the $85 resistance towards the US Dollar.
- The worth is now buying and selling under $70 and the 100 easy transferring common (4-hours).
- There was a break under a key contracting triangle with assist close to $75.00 on the 4-hours chart of the LTC/USD pair (knowledge feed from Kraken).
- The worth may proceed to maneuver down in direction of $55 within the close to time period.
Litecoin Price Turns Red
This previous month, litecoin worth noticed a robust improve above the $70 degree towards the US Dollar. LTC worth was in a position to clear the $80 resistance degree, outperforming each bitcoin and ethereum.
However, the bears remained energetic close to the $85 zone. There was a topping sample fashioned close to the $85 degree earlier than the worth began a recent decline. There was a transparent transfer under the $80 and $78 assist ranges. Besides, there was a break under a key contracting triangle with assist close to $75.00 on the 4-hours chart of the LTC/USD pair.
Litecoin worth is now buying and selling under $70 and the 100 easy transferring common (4-hours). A low is fashioned close to $61.67 and the worth is now consolidating losses.
On the upside, a right away resistance is close to the $66.00 degree. It is close to 23.6% Fib retracement degree of the latest decline from the $79.80 swing excessive to $61.67 low. The first main resistance is close to the $70.00 degree.
Source: LTCUSD on TradingView.com
The 50% Fib retracement degree of the latest decline from the $79.80 swing excessive to $61.67 low can also be close to $70. If there’s a clear break above the $70 resistance, the worth may begin a robust improve. In the said case, the worth is prone to proceed larger in direction of the $75 and $78 ranges. Any extra beneficial properties may ship ltc worth in direction of the $80 resistance zone.
More Losses in LTC?
If Litecoin worth fails to clear the $70.00 resistance degree, there may very well be extra losses. An preliminary assist on the draw back is close to the $61.60 degree.
The first main assist is forming close to the $60.00 degree. Any additional losses might maybe ship the worth in direction of the $55.00 assist within the coming periods.
Technical indicators:
4-hours MACD – The MACD is slowly gaining tempo within the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is under the 50 degree.
Major Support Levels – $60.00 adopted by $55.00.
Major Resistance Levels – $70.00 and $75.00.
