Litecoin (LTC) Price Analysis: Can Bulls Protect This Key Support

Table of Contents

Litecoin started a fresh decline from the $75.00 resistance zone against the US Dollar.
LTC price is now trading below $71.00 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $71.00 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 $68.00 support zone.

Litecoin price is struggling below $73.50 against the US Dollar, like Bitcoin. LTC price could continue to decline if it stays below the $72.00 resistance zone.

Litecoin Price Analysis

In the past few sessions, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC settled below the $75.00 support zone to move into a bearish zone.

The price broke the $63.50 support zone and started a fresh decline. It even traded below the $62.00 support. A low has formed near $67.99, and the price is now consolidating losses. It is now trading below $62.00 and the 55 simple moving average (4 hours).

Immediate resistance is near the $70.70 level. It is close to the 23.6% Fib retracement level of the downward move from the $79.54 swing high to the $67.99 low.

There is also a key bearish trend line forming with resistance near $71.00 on the 4-hour chart of the LTC/USD pair. The next major resistance is near the $73.80 level. It is close to the 50% Fib retracement level of the downward move from the $79.54 swing high to the $67.99 low.

The main resistance sits near $75.00. A clear move above the $75.00 level could pump the price toward the $76.80 level. The next major resistance could be $80.

On the downside, immediate support is near the $68.00 level. The next key support is near the $65.00 level. If there is a downside break below the $65.00 support, the price could accelerate lower toward the $61.20 level in the near term.

Looking at the chart, Litecoin price is clearly trading below $72.50 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $72.00 resistance 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 – $68.00 and $65.00.
Key Resistance Levels – $72.00 and $73.80.