Litecoin started a fresh decline from the $88 resistance zone against the US Dollar.
LTC price is now trading below $85 and the 55 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $81.50 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could continue to move down unless the bulls protect the $75.00 support zone.
Litecoin price is struggling below $85.00 against the US Dollar, like Bitcoin. LTC price could continue to decline if it stays below the $82.00 resistance zone.
Litecoin Price Analysis
In the past few sessions, there was a steady decline in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC struggled to clear the $88 resistance and started a fresh decline.
The price broke the $85 support zone to enter a bearish zone. The bears even pushed the price below the $80 support zone. It tested the $75 zone. A low has formed near $74.53, and the price recently attempted a recovery wave.
It climbed above the $77.50 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $88.53 swing high to the $74.53 low.
However, the bears are active near the $80.00 zone. It is now trading below $82.00 and the 55 simple moving average (4 hours). Immediate resistance is near the $81.50 level. There is also a major bearish trend line forming with resistance near $81.50 on the 4-hour chart of the LTC/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $88.53 swing high to the $74.53 low. The next major resistance is near the $83.20 level.
The main resistance sits near the $85 zone. A clear move above the $85 level could pump the price toward the $92.00 level. The next major resistance could be $100.
On the downside, immediate support is near the $77.80 level. The next key support is near the $75.00 level. If there is a downside break below the $75.00 support, the price could accelerate lower toward the $68.00 level in the near term.
Looking at the chart, Litecoin price is clearly trading below $85.00 and the 55 simple moving average (4 hours). Overall, the price could continue to move down unless the bulls protect the $75.00 support zone.
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 below the 50 level.
Key Support Levels – $77.50 and $75.00.
Key Resistance Levels – $82.00 and $85.00.
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