Litecoin (LTC) Price Analysis: This Key Support Might Spark Fresh Increase

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: This Key Support Might Spark Fresh Increase

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.
Litecoin (LTC) Price
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.

Tags: litecoin, LTC

Leave a Reply

Your email address will not be published. Required fields are marked *

AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance