- Litecoin price failed to stay above the $75.40 support and declined recently (Data feed of Kraken) against the US Dollar.
- There is a crucial bearish trend line formed with resistance near the $72.50 level on the 4-hour chart.
- LTC price is likely to dive towards the $62.00 support level as long as it is below $75.40.
Litecoin Price Analysis (LTC)
This past week, there was a strong decline in bitcoin, Ethereum, EOS, ripple, litecoin and other altcoins against the US dollar. The LTC/USD pair broke a major support area near the $75.40 level to enter a bearish zone in the near term.
Looking at the 4-hour chart, LTC price declined heavily below the $75.40 support and settled below the 100 simple moving average (4-hour). The price even broke the $70.00 support level and traded as low as $67.08.
At the moment, the price is trading with a bearish angle, with an immediate resistance near the $70.00 level and the 23.6% Fib retracement level of the last drop from the $79.64 high to $67.08 low.
On the upside, there are many decisive resistances near the $72.50 and $75.00 levels. There is also a crucial bearish trend line formed with resistance near the $72.50 level on the 4-hour chart. Above the trend line, the next resistance is near the $74.00 level.
Besides, the 50% Fib retracement level of the last drop from the $79.64 high to $67.08 low is near the $73.35 level to act as a resistance. The main resistance is near the $75.40 level (the previous support).
A successful close above the $75.40 level and the 100 simple moving average (4-hour) is needed for litecoin price to start a strong upward move. The next major resistances are near $80.00 and $82.50. Conversely, a downside extension below the $67.00 level may push the price towards the next major supports near the $62.00 and $60.00 levels in the coming days.