Cryptocurrency NewsIn DepthLitecoin News

Litecoin (LTC) Price Analysis – Trading in a Bearish Zone

​Litecoin (LTC) price is now following a bearish pattern against the U.S. Dollar, very similar to Bitcoin’s. LTC price could continue to drop as long as it is below $60.00.

In the last few sessions, we saw a continual decline in Bitcoin, Ethereum, Ripple, and Litecoin against the U.S. Dollar. LTC price couldn’t hold the $64.00 and $60.00 support levels, and it dropped to a more bearish zone.

The decline was massive as the price even changed hands below $58.00 and settled below the 55 simple moving average on the 4-hours chart. It then tested the $56.00 support zone, where the bulls took a stand, with a low forming near $56.61 and the price now consolidating losses.

Litecoin is in a Bearish Place

LTC is trading close to the 23.6 percent Fibonacci retracement level of the recent decline from the $62.95 high to $56.61 low. On the upside, the price is encountering a significant struggle near $60.00 and the 55 simple moving average on the 4-hours chart.

There’s also a bearish pattern line taking shape with resistance close to $60.00 on the 4-hours chart of the LTC/USD pair. The trend line is near the 50 percent Fibonacci retracement level of the prior drop from the $62.95 high to $56.61 low.

Hence, the price has to clear the $60.00 resistance area and the 55 simple moving average (4-hours) to start a good rise to the near term. The next significant resistance on the upside is close to the $63.80 and $64.00 levels.

On the other hand, the price might keep dropping below $57.00 and $56.00, and if there is a clear break below $55.00, the LTC price is probably going to test the $52.50 support level.

According to the chart, the Litecoin price is definitely trading in a bearish zone below the $60.00 line. Overall, the price has to break the $60.00 and $61.00 resistance levels in order to move into a bullish zone in the near term.

Related posts
Altcoin NewsCryptocurrency NewsLitecoin NewsMonero News

Monero Surpasses Litecoin and Bitcoin Cash as Payment Solution

Cryptocurrency NewsLitecoin News

LTC Transaction Volume Soars 104.7 Percent Thanks to Litecoin-Based Game

Altcoin NewsCryptocurrency NewsOpinion

Cred (LBA) Price Analysis: 130 Sats in Sight with Litecoin Foundation Collaboration

Cryptocurrency News

Stellar to Donate almost 2 Million XLM to a Variety of Non-Profit Organisations during April

Send this to a friend