Litecoin worth is struggling to achieve tempo above $66.40 in opposition to the US Greenback. LTC might revisit the $60 assist earlier than the bulls take a powerful stand.
- Litecoin is correcting losses from the $63 assist zone in opposition to the US Greenback.
- The worth is now buying and selling under $66 and the 100 easy transferring common (4 hours).
- There’s a key contracting triangle forming with resistance close to $65.50 on the 4-hour chart of the LTC/USD pair (knowledge feed from Kraken).
- The worth might drop towards the $60 assist earlier than it begins a contemporary improve.
Litecoin Value Indicators Bearish Transfer
This previous week, there was a contemporary decline in Bitcoin, Ethereum, Litecoin, and different altcoins in opposition to the US Greenback. LTC worth shaped a prime close to $68.40 earlier than it began a contemporary decline.
The worth traded under the $66.40 and $65.00 assist ranges. It retested the $63.00 assist zone. A low was shaped close to $63.01 and the value is now making an attempt a contemporary improve. There was a transfer above the $65.20 resistance.
The worth spiked above the 50% Fib retracement degree of the downward transfer from the $68.38 swing excessive to the $63.01 low. Litecoin is now buying and selling under $66 and the 100 easy transferring common (4 hours). There may be additionally a key contracting triangle forming with resistance close to $65.50 on the 4-hour chart of the LTC/USD pair.
On the upside, quick resistance is close to the $65.50 zone. The subsequent main resistance is close to the $6.40 degree. It’s near the 61.8% Fib retracement degree of the downward transfer from the $68.38 swing excessive to the $63.01 low. If there’s a clear break above the $66.40 resistance, the value might begin one other sturdy improve.
Supply: LTCUSD on TradingView.com
Within the acknowledged case, the value is more likely to proceed increased towards the $68.40 and $70 ranges. Any extra features would possibly ship LTC’s worth towards the $75 resistance zone.
Draw back Thrust in LTC?
If Litecoin worth fails to clear the $66.40 resistance degree, there could possibly be a contemporary decline. Preliminary assist on the draw back is close to the $63.00 degree.
The subsequent main assist is forming close to the $60 degree, under which there’s a threat of a transfer towards the $58.00 assist. Any additional losses could maybe ship the value towards the $55 assist.
Technical indicators:
4-hour MACD – The MACD is now shedding tempo within the bullish zone.
4-hour RSI (Relative Power Index) – The RSI for LTC/USD continues to be under the 50 degree.
Main Help Ranges – $63.00 adopted by $60.00.
Main Resistance Ranges – $66.40 and $68.40.
