Litecoin Price Drops: Risk of Further Losses Below $70
• Litecoin is trading below $80 against the US Dollar and could start a decent increase if it clears the $82 resistance zone.
• There is a key bearish trend line forming with resistance near $80.60 on the 4-hour chart of the LTC/USD pair.
• If there is a downside break below the $70 support, the price could accelerate lower toward the $65 level in the near term.
Litecoin Price Analysis
Litecoin is showing bearish signs and trading below $80 against the US Dollar. The pair could start a decent increase if it clears the $82 resistance zone. There is a key bearish trend line forming with resistance near $80.60 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
Immediate resistance is near the $75.60 level which is close to 23.6% Fib retracement level of downward move from swing high to low. The next major resistance is near at around $80 which also coincides with 50% Fib retracement level of downward move from high to low . A clear move above this would push Litecoin price towards next major barrier at around 82$.
On downside immediate support can be seen near 72$ followed by 70$. If there happens to be downside break below 70$, then we can expect Litecoin price to accelerate lower towards 65$ in coming days or weeks.
In terms of technical indicators, 4 hours MACD for LTC/USD pair has entered into bearish territory whereas RSI (Relative Strength Index) has dropped below 50 mark which indicates that bears are still in control over buyers for now at least in short term perspective.
Overall, Litecoin price seems bearish and could continue to move down if it stays below 82$ resistance zone as indicated by key bearish trendline on 4 hour chart of LTC/USD pair from coinbase datafeeds