Litecoin (LTC) Price Analysis: Risk of Fresh Decline Below $150
Litecoin price is consolidating below $180 against the US Dollar, similar to bitcoin. LTC price could resume lower if it breaks the $150 support zone.
Litecoin Price Analysis
This week, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $220 resistance zone and started a fresh decline.
There was a break below the $200 and $185 support levels. The price even dived below the $160 support and the 55 simple moving average (4-hours). A low was formed near the $141 level and the price is now correcting losses.
There was a move above the $150 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $220 swing high to $141 low. It is now trading below $180 and the 55 simple moving average (4-hours).
An initial resistance is near the $170 level. The next key resistance could be $180. There is also a major bearish trend line forming with resistance near $180 on the 4-hours chart of the LTC/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $220 swing high to $141 low. A close above the $175 and $180 levels could open the doors for a decent increase. In the stated case, the price could rise towards the $200 level in the near term.
On the downside, an immediate support is near the $160 level. The first key support is near the $150 level. If there is a downside break the $150 support, the price could visit $140. The next key support is near the $125 level, below which the price could slide towards the $110 level.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading below $180 and the 55 simple moving average (4-hours). Overall, the price could start a fresh decline if it fails to stay above the $150 support in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now just below the 50 level.
Key Support Levels – $160 and $150
Key Resistance Levels – $170 and $180.
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