Litecoin value began a contemporary decline from the $80 resistance towards the US Greenback. LTC is struggling and stays prone to additional losses in the direction of the $55 assist.

• Litecoin began a contemporary decline from the $85 resistance towards the US Greenback.
• The worth is now trading under $70 and the 100 easy transferring common (4-hours).
• There was a break under a key contraction triangle with assist close to $75.00 on the 4 hour chart of the LTC/USD pair (information feed by Kraken).
• The worth may fall additional in the direction of $55 within the short-term.

Litecoin value turns crimson

Over the previous month, Litecoin value has seen a pointy surge above the $70 level towards the US Greenback. LTC value managed to clear the $80 resistance level and outperform each bitcoin and ethereum.

Nevertheless, the bears remained lively close to the $85 zone. A topping sample shaped close to $85 earlier than the value began a contemporary decline. There was a transparent transfer under the $80 and $78 assist ranges. Additionally, there was a break under a key contraction triangle with assist close to $75.00 on the 4-hour chart of the LTC/USD pair.

Litecoin value is now trading under $70 and the 100 easy transferring common (4-hours). A low is forming close to $61.67 and the value is now consolidating its losses.

On the upside, there may be a right away resistance close to $66.00. It’s close to the 23.6% Fib retracement level of the latest decline from the $79.80 high to $61.67 low. The primary main resistance is close to the $70.00 level.

Supply: LTCUSD on TradingView.com

The 50% Fib retracement level of the latest drop from the $79.80 high to $61.67 low can be close to $70. If there’s a clear break above the $70 resistance, the value may begin a powerful enhance. Within the talked about case, the value is prone to proceed higher in the direction of the $75 and $78 ranges. Additional positive factors might propel the LTC value in the direction of the $80 resistance zone.

Extra losses at LTC?

If Litecoin value fails to surpass the $70.00 resistance level, extra losses may happen. Preliminary assist on the draw back is close to the $61.60 level.

The primary main assist is forming close to the $60.00 level. Additional losses might doubtlessly propel the value in the direction of the $55.00 assist within the coming periods.

Technical indicators:

4-hour MACD – The MACD is slowly gaining tempo within the bearish zone.

4-hour RSI (Relative Power Index) – The RSI for LTC/USD is under the 50 level.

Key Help Ranges – $60.00 adopted by $55.00.

Main resistance ranges – $70.00 and $75.00.