• Litecoin is trading below $80 against the US Dollar.
• There is a bearish trend line forming with resistance near $80.60 on the 4-hour chart of the LTC/USD pair.
• The price could start a decent increase if it clears the $82 resistance zone.
Litecoin Price Analysis
Litecoin is showing bearish signs and trading below $80 against the US Dollar. The price broke the $82 support zone and started a fresh decline, even trading below the $80 support. A low was formed near $71.09 and the price is now consolidating losses, trading below $78 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $80.60 on the 4-hour chart of the LTC/USD pair, which could be an obstacle for further gains above this area.
Resistance Levels
Immediate resistance for Litecoin lies near the $75.60 level, close to 23.6% Fib retracement of downward move from swing high at $90 to low at$71 . The next major resistance could be around the $80 level or trend line, which is close to 50% Fib retracement level of downward move from swing high at$90 to low at$71 . If there is a clear break above this area, it could pump up prices towards potential resistances at$82 and then possibly up to$85 .
Support Levels
Immediate support for Litecoin lies around the $72 level, while further down there’s another key support around$70 . If there’s a downside break below this area, it could accelerate lower towards potential supports at$65 in short term future.
Technical Indicators
Looking at technical indicators on 4 hour chart , MACD for LTC/USD is now gaining pace in bearish zone while RSI has dropped below 50 mark indicating that price may continue its downtrend if it stays under its current resistances levels .
Conclusion
Overall , Litecoin price may continue its downward move if it stays under current resistances levels so traders should keep an eye on these areas before making any moves .