Litecoin (LTC) Price Analysis: Bulls Struggle To Clear The $732 Hurdle
Litecoin started a fresh decline from the $73.00 resistance zone against the US Dollar.
LTC price is now trading below $70.50 and the 55 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $70.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could continue to move down unless the bulls protect the $66.00 support zone.
Litecoin price is struggling below $70.00 against the US Dollar, like Bitcoin at $53,000. LTC price could continue to decline if it stays below the $70.00 resistance zone.
Litecoin Price Analysis
In the past few sessions, there was a minor decline in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC struggled to clear the $73.00 resistance and started a fresh decline.
The price broke the $71.20 support zone to enter a bearish zone. The bears even pushed the price below the $70 support zone. It tested the $67.50 zone. A low has formed near $67.32, and the price recently attempted a recovery wave.
It climbed above the $68.50 resistance. There was a spike above the 23.6% Fib retracement level of the downward move from the $71.75 swing high to the $67.32 low.
However, the bears are active near the $69.20 zone. It is now trading below $70.00 and the 55 simple moving average (4 hours). Immediate resistance is near the $69.20 level. The next major resistance is near the $70.00 level. There is also a major bearish trend line forming with resistance near $70.00 on the 4-hour chart of the LTC/USD pair.
The trend line is close to the 61.8% Fib retracement level of the downward move from the $71.75 swing high to the $67.32 low. The main resistance sits near the $71.75 zone. A clear move above the $71.75 level could pump the price toward the $73.00 level. The next major resistance could be $75.00.
On the downside, immediate support is near the $67.20 level. The next key support is near the $66.00 level. If there is a downside break below the $66.00 support, the price could accelerate lower toward the $60.00 level in the near term.
Looking at the chart, Litecoin price is clearly trading below $70.00 and the 55 simple moving average (4 hours). Overall, the price could continue to move down unless the bulls protect the $66.00 support 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 – $67.20 and $66.00.
Key Resistance Levels – $70.00 and $71.75.
The post Litecoin (LTC) Price Analysis: Bulls Struggle To Clear The $732 Hurdle appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ February 22, 2024 3:18 am