Litecoin Price Struggles Below $80, Risk of More Losses Ahead
• Litecoin is trading below $80 against the US Dollar and could continue to decline if it stays below the $82 resistance zone.
• There is a key bearish trend line forming with resistance near $80.60 on the 4-hour chart of the LTC/USD pair.
• Immediate resistance is near the $75.60 level, while immediate support is near the $72 level.
Litecoin (LTC) Price Analysis
Litecoin is showing bearish signs and trading below $80 against the US Dollar. There is a key bearish trend line forming with resistance near $80.60 on the 4-hour chart of the LTC/USD pair and immediate resistance is near the $75.60 level. If there is a downside break below the $70 support, the price could accelerate lower towards the $65 level in the near term.
Bearish Trend Formation
Recently, there was a short-lived recovery in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar but Litecoin settled below its major support at around $90 to move into a bearish zone further breaking down past its support at around $82 initiating fresh declines in its price levels even trading below its important support at around $80 . A low was formed close to 71$ and presently it’s consolidating losses trading beneath 78$ as well as 55 moving average (4 hours). Additionally, there’s additionally an essential bearish trend line forming with resistance close to 80$ on four hour chart of LTC/USD pair from coinbase data feed indicating further bear pressure for litecoin within future trades unless certain bullish pressure happens pushing it back up above 82$.
Resistance & Support Levels
Immediate resistance for litecoin lies close to 75$ which can be close to 23 Fibonacci retracement degree of downward move from 90 swing high to 71 lows however next major resistances are found close 80$ or even trendline which can be also close 50 Fibonacci retracement degree of same move if litecoins breaks this barrier then it’ll begin decent increase toward 82$ or maybe 85$. On other hand immediate supports for ltc are found close 72 levels whereas next important one lies near 70 mark & if any downside break happens under 70 then we might observe more losses toward 65 levels soon in coming days ahead.
The MACD graph for ltc/usd indicates growing rate within bearish region whereas RSI graph shows value has already gone beneath 50 points suggesting more bear pressure within upcoming trades unless something happens otherwise pushing price back up above 82$.
At present scenario situation appears grim as litecoins still continues trade underneath 80 & 55 simple moving average (4 hours) clearly suggesting more downside potential until bulls manages push price back up above 82$.