Litecoin (LTC) Price Analysis: Risk of More Losses Below $90

By Live Bitcoin News July 20, 2023 In Litecoin, Trading
  • Litecoin is showing bearish signs and trading below $100 against the US Dollar.
  • LTC price is now trading below $95 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $93.80 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could start a decent increase if it clears the $95 resistance zone.

Litecoin price is struggling below $95 against the US Dollar, similar to Bitcoin. LTC price could continue to decline if it stays below the $95 resistance zone.

Litecoin Price Analysis

In the past few days, there was a short-lived recovery in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC settled below the $100 resistance zone to move into a bearish zone.

The price broke the $95 support zone and started a fresh decline. It even traded below the $92 support. A low is formed near $89.28 and the price is now consolidating losses. It is now trading below $95 and the 55 simple moving average (4 hours).

There is also a key bearish trend line forming with resistance near $93.80 on the 4-hour chart of the LTC/USD pair. Immediate resistance is near the $92.80 level. It is close to the 23.6% Fib retracement level of the downward move from the $104.48 swing high to the $89.28 low.

The next major resistance is near the $94 level or the trend line. A clear move above the $94 level could pump the price toward the $95 level or the 50% Fib retracement level of the downward move from the $104.48 swing high to the $89.28 low. The next major resistance could be $100.

On the downside, immediate support is near the $91.50 level. The next key support is near the $90 level. If there is a downside break below the $90 support, the price could accelerate lower toward the $85 level in the near term.

Litecoin (LTC) Price

Looking at the chart, Litecoin price is clearly trading below $95 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $95 resistance zone.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now gaining 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 – $92.00 and $90.00.

Key Resistance Levels – $94.00 and $95.00.

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