Litecoin (LTC) Price Analysis: Bulls Struggle Near $56 and $58

Litecoin price is struggling below $58 against the US Dollar, similar to bitcoin. LTC price could resume its decline if there is no clear move above $58.

Litecoin Price Analysis

In the past few days, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a short-term top near $58 and started a fresh decline.

There was a clear move below the $56 and $55 support levels. The price even declined below the $55 level and the 55 simple moving average (4-hours). However, the bulls were active near the $51.50 level. A low is formed near $51.69 and the price is now consolidating losses.

There was a move above the $53 resistance zone. It climbed above the 23.6% Fib retracement level of the recent decline from the $58.31 swing high to $51.69 low. The price is now trading below $55 and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $54.80 and $55.00 levels. There is also a key bearish trend line forming with resistance near $55 on the 4-hours chart of the LTC/USD pair.

The trend line is near the 50% Fib retracement level of the recent decline from the $58.31 swing high to $51.69 low. The next major resistance sits near the $58 level. A clear move above the $58.00 level could pump the price towards the $60 level.

On the downside, an immediate support is near the $52 level. The next key support is near the $51.50 level. If there is a downside break below the $51.50 support, the price could accelerate lower towards the $50 level in the near term.

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $60 and the 55 simple moving average (4-hours). Overall, the price could recover, but upsides might be limited above the $58 and $60 levels.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now losing pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now near the 50 level.

Key Support Levels – $52 and $51.50

Key Resistance Levels – $55 and $58.

Source: Read Full Article