Litecoin (LTC) Price Analysis: Bears In Control Below $72
Litecoin is showing bearish signs and trading below $75 against the US Dollar.
LTC price is now trading below $72 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $71.50 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could start a decent increase if it clears the $72 resistance zone.
Litecoin price is struggling below $75 against the US Dollar, similar to Bitcoin. LTC price could continue to decline if it stays below the $72 resistance zone.
Litecoin Price Analysis
In the past few days, there was a major decline in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC settled below the $80 support zone to move into a bearish zone.
The price broke the $75 support zone and started a fresh decline. It even traded below the $70 support. A low is formed near $60.75 and the price is now consolidating losses. It is now trading below $72 and the 55 simple moving average (4 hours).
Immediate resistance is near the $66.60 level. It is close to the 23.6% Fib retracement level of the downward move from the $85.41 swing high to the $60.75 low.
The next major resistance is near the $70 level and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $71.50 on the 4-hour chart of the LTC/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $85.41 swing high to the $60.75 low.
A clear move above the $71.50 level could pump the price toward the $75 level. The next major resistance could be $80.80. On the downside, immediate support is near the $62.20 level. The next key support is near the $60 level.
If there is a downside break below the $60 support, the price could accelerate lower toward the $54 level in the near term.
Looking at the chart, Litecoin price is clearly trading below $72 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $75 resistance zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now losing 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 – $62.20 and $60.00.
Key Resistance Levels – $70.00 and $71.50.
The post Litecoin (LTC) Price Analysis: Bears In Control Below $72 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ August 24, 2023 4:58 am