LTC Could Retest $60 Before Fresh Surge

Litecoin value is struggling to achieve tempo above $66.40 in opposition to the US Greenback. LTC may revisit the $60 assist earlier than the bulls take a robust stand.

• Litecoin is correcting losses from the $63 assist zone in opposition to the US Greenback.
• The worth is now buying and selling under $66 and the 100 easy shifting common (4 hours).
• There’s a key contracting triangle forming with resistance close to $65.50 on the 4-hour chart of the LTC/USD pair (knowledge feed from Kraken).
• The worth may drop towards the $60 assist earlier than it begins a recent improve.

Litecoin Value Alerts Bearish Transfer

This previous week, there was a recent decline in Bitcoin, Ethereum, Litecoin, and different altcoins in opposition to the US Greenback. LTC value shaped a prime close to $68.40 earlier than it began a recent decline.

The worth traded under the $66.40 and $65.00 assist ranges. It retested the $63.00 assist zone. A low was shaped close to $63.01 and the worth is now trying a recent improve. There was a transfer above the $65.20 resistance.

The worth spiked above the 50% Fib retracement degree of the downward transfer from the $68.38 swing excessive to the $63.01 low. Litecoin is now buying and selling under $66 and the 100 easy shifting common (4 hours). There’s additionally a key contracting triangle forming with resistance close to $65.50 on the 4-hour chart of the LTC/USD pair.

On the upside, instant resistance is close to the $65.50 zone. The subsequent main resistance is close to the $6.40 degree. It’s near the 61.8% Fib retracement degree of the downward transfer from the $68.38 swing excessive to the $63.01 low. If there’s a clear break above the $66.40 resistance, the worth may begin one other sturdy improve.

Supply: LTCUSD on TradingView.com

Within the said case, the worth is more likely to proceed greater towards the $68.40 and $70 ranges. Any extra features would possibly ship LTC’s value towards the $75 resistance zone.

Draw back Thrust in LTC?

If Litecoin value fails to clear the $66.40 resistance degree, there may very well be a recent decline. Preliminary assist on the draw back is close to the $63.00 degree.

The subsequent main assist is forming close to the $60 degree, under which there’s a danger of a transfer towards the $58.00 assist. Any additional losses might maybe ship the worth towards the $55 assist.

Technical indicators:

4-hour MACD – The MACD is now shedding tempo within the bullish zone.

4-hour RSI (Relative Power Index) – The RSI for LTC/USD continues to be under the 50 degree.

Main Help Ranges – $63.00 adopted by $60.00.

Main Resistance Ranges – $66.40 and $68.40.