• Market Cap: $995,757,926,445.04
  • 24h Vol: $72,962,875,839.16
  • BTC Dominance: 40.68%

Litecoin (LTC) Price Analysis: Bears In Control Below $75

Published: Thursday, 26th May, 2022 - 07:28
  • Litecoin started a recovery wave from the $52 level against the US Dollar.
  • LTC price is now trading below $70 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $67 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could accelerate lower towards the $60 and $55 support levels in the near term.

Litecoin price is losing pace below $70 against the US Dollar, similar to bitcoin. LTC price could continue to move down towards the $55 support.

Litecoin Price Analysis

In the past few days, there were range moves in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $52 level and started a recovery wave.

There was a move above the $55 and $60 resistance levels. The price climbed above the 50% Fib retracement level of the key decline from the $85 swing high to $52 low. The bulls attempted a move above the $72 and $75 resistance levels.

However, they failed to gain strength above $72. The price also stayed below the 61.8% Fib retracement level of the key decline from the $85 swing high to $52 low.

It is now trading below $70 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $67 level. There is also a key bullish trend line forming with support near $67 on the 4-hours chart of the LTC/USD pair.

The next key support is near the $60 level. If there is a downside break below the $60 support, the price could continue to move down towards the $55 level in the near term.

On the upside, the price might face resistance near the $72 and $73 levels. The first major resistance is near the $75 level. To start a fresh increase, the price must clear $72 and $75.

Looking at the chart, litecoin price is clearly trading below $75 and the 55 simple moving average (4-hours). Overall, the price could accelerate lower towards the $60 and $55 support levels in the near term.

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 – $67 and $55

Key Resistance Levels – $72 and $75.

This post first appeared on: Live Bitcoin News

Author: Aayush Jindal
Tags in this article
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram