- Litecoin started a fresh decline from the $105 resistance zone against the US Dollar.
LTC price is now trading below $90 and the 55 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $87.50 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could continue to move down unless the bulls protect the $70.00 support zone.
The price of Litecoin hovers around $90.00 versus the US Dollar, similar to Bitcoin‘s predicament. If Litecoin fails to surpass the $90.00 resistance, its value may drop further.
Litecoin Price Analysis
Over the last several meetings, Bitcoin, Ethereum, Ripple, and Litecoin have progressively dropped in value versus the US Dollar. Previously, Litecoin had a hard time surpassing the $105 barrier and initiated a downward trend.
The price fell below the $90 mark, signaling a shift into a bearish trend. The bears further drove the price down past the $85 support level. It reached as low as $70 before forming a new low at $70.83. Lately, there has been an attempt to bounce back from this level.
The price surpassed the $75.50 barrier, reaching new heights. It also went beyond the 23.6% mark of the Fibonacci retracement, signifying a significant advancement from the downtrend’s lowest point at $70.83 to the previous peak at $106.02.
Although the bears are currently active around the $80.00 mark, the price is now under $82.00 and falls below the 4-hour simple moving average (SMA) of $81.96. The immediate resistance lies at $82.70, while the significant resistance awaits at $87.50. Additionally, a bearish trendline can be observed on the 4-hour chart for LTC/USD pair, with resistance close to $87.50.
The trend line is nearly touching the 50% Fibonacci retracement mark of the price drop from its peak at $106.02 to its low at $70.83. The primary barrier for the asset lies around the $90 region. If this hurdle is surpassed, the price may surge towards the $98.00 target. An additional significant resistance could be found at $100.
On the negative side, the price may find short-term resistance around $75.80. A more significant support lies at roughly $70.00. Should the price breach this support, it could lead to a faster decline towards approximately $60.00 in the not too distant future.
Based on the chart’s analysis, the Litecoin price is currently sitting below the $90.00 mark and the 4-hour 55 simple moving average. In simpler terms, the Litecoin price is lower than both these values. The trend might continue to decline unless the buyers manage to defend the $70.00 level as a crucial 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 – $75.80 and $70.00.
Key Resistance Levels – $82.70 and $87.50.
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2024-04-18 07:25