- Litecoin started a fresh decline from the $66.50 resistance zone against the US Dollar.
- LTC price is now trading below $62.50 and the 55 simple moving average (4 hours).
- There was a break below a key rising channel with support near $62.20 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to move down unless there is a recovery wave above $62.00.
Litecoin price is struggling below $62.50 against the US Dollar, like Bitcoin. LTC price could continue to decline if it stays below the $62.00 resistance zone.
Litecoin Price Analysis
In the past few sessions, there was a fresh decline in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC settled below the $63.85 support zone to move into a bearish zone.
The price broke the $62.50 support zone and started a fresh decline. There was a break below a key rising channel with support near $62.20 on the 4-hour chart of the LTC/USD pair. It even traded below the $61.20 support. A low has formed near $59.73 and the price is now consolidating losses. It is now trading below $62.50 and the 55 simple moving average (4 hours).
Immediate resistance is near the $61.20 level. It is close to the 23.6% Fib retracement level of the downward move from the $66.33 swing high to the $59.73 low.
The next major resistance is near the $62.00 level and the 55 simple moving average (4 hours). The main resistance sits near $63.00 or the 50% Fib retracement level of the downward move from the $66.33 swing high to the $59.73 low.
A clear move above the $63 level could pump the price toward the $66.40 level. The next major resistance could be $70. On the downside, immediate support is near the $59.50 level.
The next key support is near the $56.50.00 level. If there is a downside break below the $56.50.00 support, the price could accelerate lower toward the $50 level in the near term.
Looking at the chart, Litecoin price is clearly trading below $62.50 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $62 resistance zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $59.50 and $56.50.
Key Resistance Levels – $62.00 and $63.00.