Litecoin (LTC) Price Analysis: Bearish Below $150
Litecoin price is gaining bearish momentum below $140 against the US Dollar, similar to bitcoin. LTC price could resume lower if it breaks the $130 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 $155 resistance zone and started a fresh decline.
There was a break below the $150 and $140 support levels. The price even spiked below the $132 support and the 55 simple moving average (4-hours). A low was formed near the $130 level and the price is now consolidating losses.
There was a move above the $134 level. Litecoin is now facing resistance near the $135 level. It is near the 23.6% Fib retracement level of the downward move from the $153 swing high to $130 low.
The next major resistance for the bulls is near the $142 level. It is near the 50% Fib retracement level of the downward move from the $153 swing high to $130 low. There is also a major bearish trend line forming with resistance near $145 on the 4-hours chart of the LTC/USD pair.
A clear move above the $145 level could pump the price. The next key resistance could be $155. On the downside, an immediate support is near the $132 level. The first key support is near the $130 level.
If there is a downside break the $120 support, the price could visit $120. The next key support is near the $110 level, below which the price could slide towards the $100 level.
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 $130 support.
4 hours MACD – The MACD for LTC/USD is slowly losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 30 level.
Key Support Levels – $132 and $130
Key Resistance Levels – $145 and $150.
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