Litecoin started a fresh decline from the $85 resistance zone against the US Dollar.
LTC price is now trading below $80 and the 55 simple moving average (4-hours).
There was a break below a key bullish trend line with support near $76.40 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
The pair could start a fresh increase if it stays above the $68.50 support zone.

Litecoin price is struggling below $80 against the US Dollar, similar to bitcoin. LTC price could start a decent increase if it gains pace above the $80 level.

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 was able to climb above the $70 and $75 resistance levels.

The bulls even pushed the price above the $80 level. However, they failed to clear the $85 resistance. A high was formed near $84.97 and the price started a fresh decline. There was a steady drop below the $82 and $80 levels. The decline gained pace below the $75 support and the 55 simple moving average (4-hours).

Besides, there was a break below a key bullish trend line with support near $76.40 on the 4-hours chart of the LTC/USD pair. The pair even traded below the 61.8% Fib retracement level of the upward move from the $71.14 swing low to $84.97 high.

It is now trading below $80 and the 55 simple moving average (4-hours). Moreover, it is testing the 76.4% Fib retracement level of the upward move from the $71.14 swing low to $84.97 high.

On the downside, an immediate support is near the $71.40 level. The next key support is near the $68.50 level. If there is a downside break below the $68.50 support, the price could accelerate lower towards the $60 level in the near term.

On the upside, the price is facing resistance near the $80 zone and the 55 simple moving average (4-hours). The next major resistance sits near the $85 level. A clear move above the $85 level could pump the price towards the $92 level or even $95. The next major resistance could be $100.

Looking at the chart, litecoin price is clearly trading below $80 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it stays above the $68.50 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 – $71.40 and $68.50

Key Resistance Levels – $80.00 and $85.00.

The post Litecoin (LTC) Price Analysis: This Key Support Might Spark Fresh Increase appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ December 15, 2022 4:58 am