- Litecoin started a fresh decline from the $88 resistance zone against the US Dollar.
LTC price is now trading below $85 and the 55 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $81.50 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 $75.00 support zone.
As a researcher with experience in cryptocurrency analysis, I have been closely monitoring the price action of Litecoin (LTC) against the US Dollar (USD). Based on the current market conditions and technical analysis, it appears that LTC is facing a significant downtrend.
The price of Litecoin hovers around the $85 mark versus the US dollar, similar to Bitcoin‘s predicament. If Litecoin fails to surpass the $82 resistance level, there is a possibility for further price drops.
Litecoin Price Analysis
Over the last several meetings, Bitcoin, Ethereum, Ripple, and Litecoin have consistently lost value relative to the US Dollar. Previously, Litecoin faced difficulties surmounting the $88 resistance mark and subsequently initiated a downward trend.
In simpler terms, the cost surpassed the $85 resistance level, leading it into a downward trend. The bears managed to drive the cost below the $80 support level as well. It touched the $75 mark before reaching a new low at around $74.53. Lately, there has been an attempt to bounce back.
The price surpassed the $77.50 barrier, marking a rise above the 23.6% Fibonacci retracement threshold in the bearish trend between the $88.53 peak and the $74.53 trough.
As a researcher studying the LTC/USD pair, I’ve noticed that the bears have become more active around the $80.00 mark. Currently, the price is hovering just below the $82.00 level and the 4-hour 55 simple moving average. The immediate resistance lies at $81.50. Furthermore, a significant bearish trend line is emerging on the 4-hour chart, with resistance around the same $81.50 level.
The trendline approaches the 50% Fibonacci retracement point in the price decline from the peak of $88.53 to the trough of $74.53. The upcoming significant resistance lies around the $83.20 mark.
The price encounters significant opposition around the $85 mark. Breaking through the $85 threshold could propel the price upward, potentially reaching the $92.00 region. The next notable resistance level may be found at $100.
The price may face significant resistance around the $77.80 mark, with the next notable support lying at approximately $75.00. Should the price breach this lower support, it could potentially trigger a swift descent towards the near-term target of $68.00.
As a crypto investor observing the chart, I notice that Litecoin’s price is currently trading below the $85.00 mark and also beneath the 4-hour simple moving average at around $82.00. The trend seems bearish to me, and unless the bulls manage to defend the $75.00 support level, we could see further declines in Litecoin’s price.
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 – $77.50 and $75.00.
Key Resistance Levels – $82.00 and $85.00.
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2024-05-02 06:51