Litecoin worth began a recent decline from the $80 resistance in opposition to the US Greenback. LTC is struggling and stays at a danger of extra losses in the direction of the $55 assist.
- Litecoin began a recent decline from the $85 resistance in opposition to the US Greenback.
- The value is now buying and selling beneath $70 and the 100 easy shifting common (4-hours).
- There was a break beneath a key contracting triangle with assist close to $75.00 on the 4-hours chart of the LTC/USD pair (knowledge feed from Kraken).
- The value may proceed to maneuver down in the direction of $55 within the close to time period.
Litecoin Worth Turns Pink
This previous month, litecoin worth noticed a powerful improve above the $70 degree in opposition to the US Greenback. LTC worth was capable of clear the $80 resistance degree, outperforming each bitcoin and ethereum.
Nevertheless, the bears remained lively close to the $85 zone. There was a topping sample fashioned close to the $85 degree earlier than the worth began a recent decline. There was a transparent transfer beneath the $80 and $78 assist ranges. Apart from, there was a break beneath a key contracting triangle with assist close to $75.00 on the 4-hours chart of the LTC/USD pair.
Litecoin worth is now buying and selling beneath $70 and the 100 easy shifting common (4-hours). A low is fashioned close to $61.67 and the worth is now consolidating losses.
On the upside, an instantaneous resistance is close to the $66.00 degree. It’s close to 23.6% Fib retracement degree of the latest decline from the $79.80 swing excessive to $61.67 low. The primary main resistance is close to the $70.00 degree.
Supply: LTCUSD on TradingView.com
The 50% Fib retracement degree of the latest decline from the $79.80 swing excessive to $61.67 low can also be close to $70. If there’s a clear break above the $70 resistance, the worth may begin a powerful improve. Within the acknowledged case, the worth is more likely to proceed larger in the direction of the $75 and $78 ranges. Any extra beneficial properties would possibly ship ltc worth in the direction of the $80 resistance zone.
Extra Losses in LTC?
If Litecoin worth fails to clear the $70.00 resistance degree, there might be extra losses. An preliminary assist on the draw back is close to the $61.60 degree.
The primary main assist is forming close to the $60.00 degree. Any additional losses might maybe ship the worth in the direction of the $55.00 assist within the coming periods.
Technical indicators:
4-hours MACD – The MACD is slowly gaining tempo within the bearish zone.
4-hours RSI (Relative Power Index) – The RSI for LTC/USD is beneath the 50 degree.
Main Help Ranges – $60.00 adopted by $55.00.
Main Resistance Ranges – $70.00 and $75.00.
