Litecoin Price Prediction: LTC Faces Uphill Task Near $70
August 21 2023 - 12:51AM
NEWSBTC
Litecoin price declined heavily below $80 and $70 against the US
Dollar. LTC is attempting a recovery wave but upsides might be
limited above $70. Litecoin is correcting losses from the $56
support zone against the US Dollar. The price is now trading below
$70 and the 100 simple moving average (4 hours). There is a key
bearish trend line forming with resistance near $66.00 on the
4-hour chart of the LTC/USD pair (data feed from Kraken). The price
could recover above $66 but the bears might remain active near $70.
Litecoin Price Starts Recovery This past week, there was a sharp
decline in Bitcoin, Ethereum, Litecoin, and other altcoins against
the US Dollar. LTC price formed a top near $85 before it started a
fresh decline. There was a sharp decline below $80 and $70. The
price even declined below $60. It traded as low as $55.78 and
recently started an upside correction. There was a minor increase
above the $60 resistance level. The price climbed above the 23.6%
Fib retracement level of the downward move from the $85.39 swing
high to the $55.78 low. Litecoin is now trading below $70 and the
100 simple moving average (4 hours). There is also a key bearish
trend line forming with resistance near $66.00 on the 4-hour chart
of the LTC/USD pair. On the upside, immediate resistance is near
the $66 zone. The next major resistance is near the $70 level. It
is close to the 50% Fib retracement level of the downward move from
the $85.39 swing high to the $55.78 low. If there is a clear break
above the $70 resistance, the price could start another strong
increase. Source: LTCUSD on TradingView.com In the stated case, the
price is likely to continue higher toward the $75 and $78 levels.
Any more gains might send LTC’s price toward the $85 resistance
zone. Fresh Decline in LTC? If Litecoin price fails to clear the
$70 resistance level, there could be a fresh decline. Initial
support on the downside is near the $63.50 level. The next major
support is forming near the $60 level, below which there is a risk
of a move toward the $56.00 support. Any further losses may perhaps
send the price toward the $52 support. Technical indicators: 4-hour
MACD – The MACD is now gaining pace in the bullish zone. 4-hour RSI
(Relative Strength Index) – The RSI for LTC/USD is still below the
50 level. Major Support Levels – $63.50 followed by $60.00. Major
Resistance Levels – $66.00 and $70.00.
Litecoin (COIN:LTCUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Litecoin (COIN:LTCUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024