Litecoin price is struggling to rise above $66.40 against the US dollar. LTC may revisit the $60 support before the bulls take a strong stance.
- Litecoin is correcting losses incurred at the $63 support zone against the US dollar.
- The price is currently trading below $66 and the 100 simple moving average (4-hours).
- The 4-hours chart of the LTC/USD pair (data feed from Kraken) shows a major contraction triangle forming with resistance near $65.50.
- The price may fall towards the $60 support level before starting a fresh hike.
Litecoin price indicates bearish movement.
Bitcoin, Ethereum, Litecoin and other altcoins experienced fresh declines against the US dollar last week. LTC price made a high near $68.40 before starting a new downtrend.
The price traded below the $66.40 and $65.00 support levels. The $63.00 support area has been retested. A low was made around $63.01 and the price is currently attempting a new rise. There was a move above the $65.20 resistance line.
The price surged above the 50% Fib retracement level moving down from the $68.38 swing high to the $63.01 low. Litecoin is currently trading below $66 and the 100 simple moving average (4-hours). Additionally, on the 4-hours chart of the LTC/USD pair, there is a major contraction triangle with resistance forming near $65.50.
On the other hand, immediate resistance is located near the $65.50 area. The next major resistance is near the $6.40 level. This is close to the 61.8% Fib retracement level of the downward move from the $68.38 swing high to the $63.01 low. If there is a clear break above the $66.40 resistance, the price could begin a strong rise once again.
Source: TradingView.com LTCUSD
As stated, the price is likely to continue higher towards the $68.40 and $70 levels. Any more gains could push the price of LTC towards the $75 resistance area.
Downside thrust of LTC?
There could be a fresh decline if Litecoin price fails to clear the $66.40 resistance level. Initial support for the downside is near the $63.00 level.
The next major support is forming near the $60 level, below which there is a risk of a move towards the $58.00 support. Any further losses could push the price towards the $55 support level.
Technical indicators:
4-Hour MACD – MACD is now losing speed in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for LTC/USD is still below the 50 level.
Key support levels – $63.00 followed by $60.00.
Key resistance levels – $66.40 and $68.40.