Litecoin worth declined closely beneath $80 and $70 towards the US Dollar. LTC is trying a restoration wave however upsides may be restricted above $70.
- Litecoin is correcting losses from the $56 assist zone towards the US Dollar.
- The worth is now buying and selling beneath $70 and the 100 easy shifting common (4 hours).
- There is a key bearish pattern line forming with resistance close to $66.00 on the 4-hour chart of the LTC/USD pair (knowledge feed from Kraken).
- The worth may get well above $66 however the bears would possibly stay lively close to $70.
Litecoin Price Starts Recovery
This previous week, there was a pointy decline in Bitcoin, Ethereum, Litecoin, and different altcoins towards the US Dollar. LTC worth shaped a prime close to $85 earlier than it began a contemporary decline.
There was a pointy decline beneath $80 and $70. The worth even declined beneath $60. It traded as little as $55.78 and just lately began an upside correction. There was a minor improve above the $60 resistance degree. The worth climbed above the 23.6% Fib retracement degree of the downward transfer from the $85.39 swing excessive to the $55.78 low.
Litecoin is now buying and selling beneath $70 and the 100 easy shifting common (4 hours). There can also be a key bearish pattern line forming with resistance close to $66.00 on the 4-hour chart of the LTC/USD pair.
On the upside, instant resistance is close to the $66 zone. The subsequent main resistance is close to the $70 degree. It is near the 50% Fib retracement degree of the downward transfer from the $85.39 swing excessive to the $55.78 low. If there’s a clear break above the $70 resistance, the value may begin one other sturdy improve.
Source: LTCUSD on TradingView.com
In the said case, the value is prone to proceed larger towards the $75 and $78 ranges. Any extra beneficial properties would possibly ship LTC’s worth towards the $85 resistance zone.
Fresh Decline in LTC?
If Litecoin worth fails to clear the $70 resistance degree, there may very well be a contemporary decline. Initial assist on the draw back is close to the $63.50 degree.
The subsequent main assist is forming close to the $60 degree, beneath which there’s a threat of a transfer towards the $56.00 assist. Any additional losses could maybe ship the value towards the $52 assist.
Technical indicators:
4-hour MACD – The MACD is now gaining tempo within the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC/USD remains to be beneath the 50 degree.
Major Support Levels – $63.50 adopted by $60.00.
Major Resistance Levels – $66.00 and $70.00.
