Litecoin price is currently struggling to recover against the US Dollar, similar to bitcoin. LTC price could continue to decline if it breaks the $57.00 support zone.
Litecoin Price Analysis
In the past two sessions, there was a sharp decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price climbed above the $60.00 resistance zone, but it failed to surpass the main $64.00 resistance.
A swing high was formed near $64.35 and the price started a sharp decline. There was a break below the $62.00 and $60.00 support levels. Moreover, there was a break below a major connecting bullish trend line with support near $61.45 on the 4-hours chart of the LTC/USD pair.
The decline was such that the pair broke the 50% Fib retracement level of the upward move from the $53.99 low to $64.35 high. It settled below the $60.00 support level and the 55 simple moving average (4-hours).
Litecoin price is now testing the $57.00 support level (a multi-touch zone). The next support is near the $56.50 level or the 76.4% Fib retracement level of the upward move from the $53.99 low to $64.35 high.
If there is a downside break below the $57.00 support zone, there is a risk of more losses below the $55.00 level. The next major support is near $54.00, below which the price might retest the $50.00 support. Conversely, the price might start a decent recovery wave from the $57.00 support.
An initial hurdle is near the $60.00 level and the 55 simple moving average (4-hours). A successful close above the $60.00 resistance is must for a fresh increase towards the $62.00 and $64.00 resistance levels.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading in a bearish zone below the $60.00 level. Overall, the price must break the $60.00 and $60.50 resistance levels to move into a positive zone in the near term.
4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently well below the 40 level.
Key Support Levels – $57.00 and $54.00.
Key Resistance Levels – $60.00 and $60.50.
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