Litecoin (LTC) Price Analysis: Risk of More Downsides Below $130
- Litecoin price failed to climb above $150 and corrected lower against the US Dollar.
- LTC price is now trading below $140 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $150 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $142 pivot level.
Litecoin price is struggling below $142 against the US Dollar, similar to bitcoin. LTC price could resume lower if it breaks the $134 support zone.
Litecoin Price Analysis
This week, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $150-152 resistance zone and started a fresh decline.
There was a break below the $142 and $140 support levels. There was a clear move below the 50% Fib retracement level of the upward move from the $120 swing low to $153 high. Besides, there was a break below a key bullish trend line with support near $150 on the 4-hours chart of the LTC/USD pair.
The price is now trading below $140 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $134 level.
The 61.8% Fib retracement level of the upward move from the $120 swing low to $153 high is also near the $134 level. The next key support is near the $130 level. If there is a downside break the $130 support, the price could visit $120.
The next major support is near the $110 level, below which the price could slide towards the $100 level. On the upside, litecoin is facing resistance near the $142 level. The next major resistance for the bulls is near the $145 level. A clear move above the $145 level could pump the price. The next key resistance could be $154.
Looking at the chart, litecoin price is clearly trading below $140 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a break below the $134 support.
4 hours MACD – The MACD for LTC/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now near the 50 level.
Key Support Levels – $134 and $130
Key Resistance Levels – $145 and $152.
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