Litecoin Price Prediction: LTC Could Retest $60 Before Fresh Surge
October 09 2023 - 12:58AM
NEWSBTC
Litecoin price is struggling to gain pace above $66.40 against the
US Dollar. LTC could revisit the $60 support before the bulls take
a strong stand. Litecoin is correcting losses from the $63 support
zone against the US Dollar. The price is now trading below $66 and
the 100 simple moving average (4 hours). There is a key contracting
triangle forming with resistance near $65.50 on the 4-hour chart of
the LTC/USD pair (data feed from Kraken). The price could drop
toward the $60 support before it starts a fresh increase. Litecoin
Price Signals Bearish Move This past week, there was a fresh
decline in Bitcoin, Ethereum, Litecoin, and other altcoins against
the US Dollar. LTC price formed a top near $68.40 before it started
a fresh decline. The price traded below the $66.40 and $65.00
support levels. It retested the $63.00 support zone. A low was
formed near $63.01 and the price is now attempting a fresh
increase. There was a move above the $65.20 resistance. The price
spiked above the 50% Fib retracement level of the downward move
from the $68.38 swing high to the $63.01 low. Litecoin is now
trading below $66 and the 100 simple moving average (4 hours).
There is also a key contracting triangle forming with resistance
near $65.50 on the 4-hour chart of the LTC/USD pair. On the upside,
immediate resistance is near the $65.50 zone. The next major
resistance is near the $6.40 level. It is close to the 61.8% Fib
retracement level of the downward move from the $68.38 swing high
to the $63.01 low. If there is a clear break above the $66.40
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 $68.40 and $70 levels. Any more gains
might send LTC’s price toward the $75 resistance zone. Downside
Thrust in LTC? If Litecoin price fails to clear the $66.40
resistance level, there could be a fresh decline. Initial support
on the downside is near the $63.00 level. The next major support is
forming near the $60 level, below which there is a risk of a move
toward the $58.00 support. Any further losses may perhaps send the
price toward the $55 support. Technical indicators: 4-hour MACD –
The MACD is now losing 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 – $63.00 followed by $60.00. Major
Resistance Levels – $66.40 and $68.40.
Litecoin (COIN:LTCUSD)
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