Litecoin (LTC) Price Analysis: Bears Take Control Below $90

6 months ago 2

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Litecoin started a fresh decline from the $105 resistance zone against the US Dollar.
LTC price is now trading below $90 and the 55 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $87.50 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could continue to move down unless the bulls protect the $70.00 support zone.

Litecoin price is struggling below $90.00 against the US Dollar, like Bitcoin. LTC price could continue to decline if it stays below the $90.00 resistance zone.

Litecoin Price Analysis

In the past few sessions, there was a steady decline in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC struggled to clear the $105 resistance and started a fresh decline.

The price broke the $90 support zone to enter a bearish zone. The bears even pushed the price below the $85 support zone. It tested the $70 zone. A low has formed near $70.83, and the price recently attempted a recovery wave.

It climbed above the $75.50 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $106.02 swing high to the $70.83 low.

However, the bears are active near the $80.00 zone. It is now trading below $82.00 and the 55 simple moving average (4 hours). Immediate resistance is near the $82.70 level. The next major resistance is near the $87.50 level. There is also a major bearish trend line forming with resistance near $87.50 on the 4-hour chart of the LTC/USD pair.

The trend line is close to the 50% Fib retracement level of the downward move from the $106.02 swing high to the $70.83 low. The main resistance sits near the $90 zone. A clear move above the $90 level could pump the price toward the $98.00 level. The next major resistance could be $100.

On the downside, immediate support is near the $75.80 level. The next key support is near the $70.00 level. If there is a downside break below the $70.00 support, the price could accelerate lower toward the $60.00 level in the near term.

Looking at the chart, Litecoin price is clearly trading below $90.00 and the 55 simple moving average (4 hours). Overall, the price could continue to move down unless the bulls protect the $70.00 support zone.