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Litecoin price LTC
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Litecoin Price Prediction: LTC Faces Uphill Task Near $70

Aayush Jindal by Aayush Jindal
1 month ago
in LTC
Reading Time: 2 mins read

Litecoin price declined heavily below $80 and $70 against the US Dollar. LTC is attempting a recovery wave but upsides might be limited above $70.

  • Litecoin is correcting losses from the $56 support zone against the US Dollar.
  • The price is now trading below $70 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $66.00 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
  • The price could recover above $66 but the bears might remain active near $70.

Litecoin Price Starts Recovery

This past week, there was a sharp decline in Bitcoin, Ethereum, Litecoin, and other altcoins against the US Dollar. LTC price formed a top near $85 before it started a fresh decline.

There was a sharp decline below $80 and $70. The price even declined below $60. It traded as low as $55.78 and recently started an upside correction. There was a minor increase above the $60 resistance level. The price climbed above the 23.6% Fib retracement level of the downward move from the $85.39 swing high to the $55.78 low.

Litecoin is now trading below $70 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $66.00 on the 4-hour chart of the LTC/USD pair.

On the upside, immediate resistance is near the $66 zone. The next major resistance is near the $70 level. It is close to the 50% Fib retracement level of the downward move from the $85.39 swing high to the $55.78 low. If there is a clear break above the $70 resistance, the price could start another strong increase.

Litecoin Price Prediction

Source: LTCUSD on TradingView.com

In the stated case, the price is likely to continue higher toward the $75 and $78 levels. Any more gains might send LTC’s price toward the $85 resistance zone.

Fresh Decline in LTC?

If Litecoin price fails to clear the $70 resistance level, there could be a fresh decline. Initial support on the downside is near the $63.50 level.

The next major support is forming near the $60 level, below which there is a risk of a move toward the $56.00 support. Any further losses may perhaps send the price toward the $52 support.

Technical indicators:

4-hour MACD – The MACD is now gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is still below the 50 level.

Major Support Levels – $63.50 followed by $60.00.

Major Resistance Levels – $66.00 and $70.00.

Tags: Litecoinltcltc priceltc/usdLTCUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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