Litecoin (LTC) Price Analysis: Upsides Could Be Capped Near $70

Litecoin price is struggling below $70 against the US Dollar, similar to bitcoin. LTC price could continue to decline if it stays below the $70 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 struggled to clear the $78 and $80 resistance levels.

As a result, there was a sharp bearish wave below the $75 level. There was a drop below the $72 and $70 levels. The decline gained pace below the $70 support and the 55 simple moving average (4-hours). The price spiked below the $65 level and tested $62.

A low is formed near $61 and the price is now consolidating losses. On the upside, the price is facing resistance near the $66.50 zone. It is near the 23.6% Fib retracement level of the downward move from the $84.97 swing high to $61.00 low.

The next major resistance sits near the $68 level and the 55 simple moving average (4-hours). The main resistance is near the $70 level. There is also a major bearish trend line forming with resistance near $71 on the 4-hours chart of the LTC/USD pair.

The trend line is near the 50% Fib retracement level of the downward move from the $84.97 swing high to $61.00 low. A clear move above the $72 level could pump the price towards the $80 level or even $85. The next major resistance could be $92.

On the downside, an immediate support is near the $64.00 level. The next key support is near the $61.00 level. If there is a downside break below the $61.00 support, the price could accelerate lower towards the $58 level in the near term.

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $70 and the 55 simple moving average (4-hours). Overall, the price could struggle to clear the $68 and $70 resistance levels in the near term.

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 – $64.00 and $61.00

Key Resistance Levels – $68.00 and $70.00.

Source: Read Full Article