Litecoin (LTC) Price Analysis: Bulls Protect Key Support At $68
Litecoin started a downside correction from the $77.00 zone against the US Dollar.
LTC price is now trading below $70 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $69.65 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could start a fresh increase if it stays above the $67.20 support.
Litecoin price is correcting gains from $77.00 against the US Dollar, like Bitcoin. LTC price could resume its increase if it remains well supported above the $67.20 level.
Litecoin Price Analysis
In the past few days, there was another decline in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $65 level and started a fresh increase.
There was a clear move above the $68 and $70 resistance levels. The price even climbed above the $75 level and the 55 simple moving average (4 hours). However, the bears were active near the $77.00 zone. The recent high was formed near $77.10 and the price started a downside correction.
There was a move below the $72 level. The price traded below the 50% Fib retracement level of the upward move from the $61.10 swing low to the $77.10 high.
Litecoin is now trading below $70 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $70.00 level. There is also a key bearish trend line forming with resistance near $69.65 on the 4-hour chart of the LTC/USD pair.
The next major resistance sits near the $71.20 level. A clear move above the $71.20 level could pump the price toward the $75 level. Any more gains might call for a test of $80.
Immediate support is near the $68.25 level. The next major support is near the $67.20 zone or the 61.8% Fib retracement level of the upward move from the $61.10 swing low to the $77.10 high. A downside break below the $63.75 support might start a strong decline.
Looking at the chart, Litecoin price is trading below $70 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $67.20 support.
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 – $68.25 and $67.20
Key Resistance Levels – $70.00 and $71.20.
The post Litecoin (LTC) Price Analysis: Bulls Protect Key Support At $68 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ January 18, 2024 3:08 am