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Litecoin value began a recent decline from the $80 resistance in opposition to the US Dollar. LTC is struggling and stays at a danger of extra losses in direction of the $55 help.

• Litecoin began a recent decline from the $85 resistance in opposition to the US Dollar.
• The value is now buying and selling under $70 and the 100 easy transferring common (4-hours).
• There was a break under a key contracting triangle with help close to $75.00 on the 4-hours chart of the LTC/USD pair (knowledge feed from Kraken).
• The value might proceed to maneuver down in direction of $55 within the close to time period.

Litecoin Price Turns Red

This previous month, litecoin value noticed a powerful enhance above the $70 degree in opposition to the US Dollar. LTC value was capable of clear the $80 resistance degree, outperforming each bitcoin and ethereum.

However, the bears remained lively close to the $85 zone. There was a topping sample fashioned close to the $85 degree earlier than the worth began a recent decline. There was a transparent transfer under the $80 and $78 help ranges. Besides, there was a break under a key contracting triangle with help close to $75.00 on the 4-hours chart of the LTC/USD pair.

Litecoin value is now buying and selling under $70 and the 100 easy transferring common (4-hours). A low is fashioned close to $61.67 and the worth is now consolidating losses.

On the upside, a right away resistance is close to the $66.00 degree. It is close to 23.6% Fib retracement degree of the current decline from the $79.80 swing excessive to $61.67 low. The first main resistance is close to the $70.00 degree.

Source: LTCUSD on TradingView.com

The 50% Fib retracement degree of the current decline from the $79.80 swing excessive to $61.67 low can be close to $70. If there’s a clear break above the $70 resistance, the worth might begin a powerful enhance. In the acknowledged case, the worth is prone to proceed greater in direction of the $75 and $78 ranges. Any extra positive factors may ship ltc value in direction of the $80 resistance zone.

More Losses in LTC?

If Litecoin value fails to clear the $70.00 resistance degree, there might be extra losses. An preliminary help on the draw back is close to the $61.60 degree.

The first main help is forming close to the $60.00 degree. Any additional losses might maybe ship the worth in direction of the $55.00 help within the coming classes.

Technical indicators:

4-hours MACD – The MACD is slowly gaining tempo within the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is under the 50 degree.

Major Support Levels – $60.00 adopted by $55.00.

Major Resistance Levels – $70.00 and $75.00.