Litecoin (LTC) Price Analysis: Bulls Face Uphill Task
Litecoin price is struggling below $105 against the US Dollar, similar to bitcoin. LTC price could start a decent increase if it clears the $105 resistance.
Litecoin Price Analysis
This week, there was another decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC failed to gain pace above the $115 resistance and started a fresh decline.
There was a move below the $105 support zone. The price even declined below $102 and the 55 simple moving average (4-hours). It spiked below the $100 level and traded as low as $96.36. The price is now consolidating gains near the $100 level.
It is facing resistance near the 23.6% Fib retracement level of the recent decline from the $114 swing high to $96 low. There is also a major bearish trend line forming with resistance near $102 on the 4-hours chart of the LTC/USD pair.
The first major resistance is near the $105 level. It is near the 50% Fib retracement level of the recent decline from the $114 swing high to $96 low. To start a fresh increase, the price must clear $102 and $105. In the stated case, the price could rise towards $115. The next key resistance could be $122.
On the downside, an immediate support is near the $98 level. The next key support is near the $95 level. If there is a downside break below the $95 support, the price could continue to move down towards the $85 level.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading below $105 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears $102 and $105 in the near term.
4 hours MACD – The MACD for LTC/USD is now losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $98 and $95
Key Resistance Levels – $102 and $105.
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