Litecoin (LTC) is facing challenges as its price hovers below $72.50 and the 55 simple moving average over a 4-hour period.
A bearish trend line, with resistance around $71.00, has formed on the LTC/USD pair's 4-hour chart, sourced from Coinbase.
The price might continue its descent unless it finds support around the $68.00 zone. Despite recent gains in Bitcoin, Ethereum, and Ripple against the US Dollar, Litecoin's value has struggled, dropping below the $75.00 support area and breaking the $63.50 and $62.00 levels. Currently trading under $62.00 and the 55 simple moving average, LTC faces immediate resistance near $70.70, followed by $73.80 and $75.00.
A breach of $75.00 could propel the price toward $76.80 and potentially $80.00. On the downside, support lies at $68.00, with the next critical level at $65.00. A break below $65.00 may lead to further declines, targeting the $61.20 level in the short term.
Key Observations
Technical Metrics
• 4-hour MACD - The MACD, indicating momentum, is currently trending downwards in the bearish zone for LTC/USD.
• 4-hour RSI (Relative Strength Index) - The RSI for LTC/USD has dipped below the 50 level, suggesting a bearish sentiment.
• Significant Support Levels - Notable support levels include $68.00 and $65.00.
• Crucial Resistance Levels - Key resistance levels to watch are $72.00 and $73.80.
#LTC/USDT #DYOR (Do Your Own Research)
