Litecoin price started a fresh decline from the $62.50 resistance. LTC declined below $60.00, but it is now approaching a couple of important supports near $58.20 and $57.20.
- Litecoin price failed on two occasions near the $62.20 and $62.50 resistance levels.
- There is a key bearish trend line in place with resistance at $59.80 on the 2-hours chart.
- The price is now approaching a few important supports at $58.20 and $57.20.
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Litecoin Price Analysis (LTC to USD)
After forming a support base near the $58.20 level, litecoin price climbed above the $60.00 and $62.00 resistance levels. However, LTC price faced a strong resistance near the $62.20 and $62.50 levels and later started a fresh decline.
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Looking at the 2-hours chart of LTC/USD, the pair traded as high as $62.53 and later declined below the $60.00 support level. There was a close below the $60.00 support and the 25 simple moving average (2-hours).
More importantly, the price broke the 61.8% Fib retracement level of the last wave from the $58.21 low to $62.53 high. The current market sentiment is slightly bearish, suggesting more losses in bitcoin, Ethereum, ripple, bitcoin cash, binance coin, EOS, and other cryptocurrencies in the near term.
LTC price is now trading below the 76.4% Fib retracement level of the last wave from the $58.21 low to $62.53 high. Therefore, there is a risk of more losses towards the $58.20 support.
In the mentioned bearish case, the price could extend the decline towards the $57.20 support, which represents the 1.236 Fib extension level of the last wave from the $58.21 low to $62.53 high. However, dips towards the $58.20 and $57.20 support levels are likely to find a strong buying interest.
On the upside, there is a key bearish trend line in place with resistance at $59.80 on the same chart. A successful break above the trend line, $60.00, and the 25 simple moving average (2-hours) might open the doors for a fresh increase towards $62.50 or $64.00.
Overall, litecoin price is approaching a few important supports near $58.00 and LTC could bounce back if it clears the $60.00 resistance.
The market data is provided by TradingView, Bitfinex.