Litecoin price is showing bearish signs below $280 against the US Dollar, similar to bitcoin. LTC price remains at a risk of more losses as long as it is below $275.
Litecoin Price Analysis
This week, there were mixed moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a support base above the $220 and $225 levels to start a strong increase.
It gained pace above the $275 and $280 resistance levels. It even broke the $300 level and tested the $330 zone. A high was formed near $336 before the price started a sharp decline. There was a break below the $300 and $280 support levels.
The price is now trading well below the $300 level and the 55 simple moving average (4-hours). A low is formed near $233 and the price is now consolidating losses.
It cleared the 23.6% Fib retracement level of the recent decline from the $336 swing high to $233 low. However, the bulls are struggling to lead the price above the $270 level. It seems like the 55 simple moving average (4-hours) is acting as a strong resistance.
It is now moving lower and approaching the $250 support. There is also a key bullish trend line forming with support near $250 on the 4-hours chart of the LTC/USD pair.
If there is a downside break below the trend line, the pair could dive towards the $220 support. The next major support is near the $200 level. Conversely, the price might start a fresh increase above the $280 resistance and the 55 simple moving average (4-hours).
Litecoin (LTC) Price
Looking at the chart, litecoin price is now trading well below $300 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower if there is a downside break below the $250 support.
4 hours MACD – The MACD for LTC/USD is slowly gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now just below the 50 level.
Key Support Levels – $250 and $220.
Key Resistance Levels – $270 and $280.
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