Litecoin (LTC) Price Analysis: Recovery Could Be Capped Above $60

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Recovery Could Be Capped Above $60

Litecoin started a fresh decline from well above the $62 zone against the US Dollar.
LTC price is now trading below $60 and the 55 simple moving average (4-hours).
There was a break below a major bullish trend line with support near $60 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
The pair could recover, but upsides might be limited above the $58 and $60 levels.

Litecoin price is struggling below $60 against the US Dollar, similar to bitcoin. LTC price could resume its decline if there is no clear move above $60.
Litecoin Price Analysis
In the past few days, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC gained pace for a move above the $60 resistance zone.
There was a clear move above the $62 and $64 resistance levels. The price even climbed above the $65 level and the 55 simple moving average (4-hours). However, the bears were active near the $66 zone. A swing high was formed near $64.72 before there was a fresh decline.
The price declined below the $60 level and the 55 simple moving average (4-hours). It even traded below $55 support level before the bulls appeared. A low is formed near $52.30 and the price is now correcting losses.
There was a move above the $55 resistance zone. It climbed above the 23.6% Fib retracement level of the downward move from the $64.72 swing high to $52.30 low. The price is now trading below $60 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $57.00 and $57.20 levels. The next major resistance sits near the $58.50 level. It is near the 50% Fib retracement level of the downward move from the $64.72 swing high to $52.30 low.
A clear move above the $58.50 and $60.00 levels could pump the price towards the $65 level. On the downside, an immediate support is near the $55 level. The next key support is near the $53.20 level. If there is a downside break below the $53.20 support, the price could accelerate lower towards the $50 level in the near term.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading below $62 and the 55 simple moving average (4-hours). Overall, the price could recover, but upsides might be limited above the $58 and $60 levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now near the 50 level.
Key Support Levels – $55 and $53.20
Key Resistance Levels – $58 and $60.

Tags: litecoin, LTC

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