LTC Price Analysis: $58 Hurdle

In comparison to the US Dollar, the price of Litecoin began a new downward trend from well over the $62 zone.
The price of LTC is currently trading lower below $58 and the 55-day simple moving average (4-hours).
On the four-hour chart of the XBT/USD pair, a crucial bearish trend line is building near the $58 level, and it is meeting resistance there (data feed from Coinbase).

If the pair is able to break above the $58 and $60 levels, there is a chance that it may begin a respectable upward trend.

Similar to bitcoin, the price of Litecoin is experiencing difficulty remaining above $58 when measured against the US Dollar. If there isn’t a decisive move over $60 soon, the price of LTC might resume its downward trend.

Analysis of the Price of Litecoin

In comparison to the value of the US Dollar, bitcoin, ethereum, ripple, and litecoin have all experienced a fresh decrease in value during the previous several days. Earlier, the price of LTC reached a high of $62.75 before beginning a new downward trend.

There was a very noticeable movement below the support levels of $60 and $58. Even further, the price fell below the $55 threshold, which is also below the 55-day simple moving average (4-hours). Last but not least, bullish activity was observed close to the $53 price level. A bottom was established close to $52.93 and the price began to make its way back up.

The $55 resistance zone was overcome, and there was a move higher. It broke over the 23.6% Fibonacci retracement level of the most recent drop, which measured from the swing high of $62.75 to the low of $52.93. As of right now, the price is trading lower than $58 and the 55 simple moving average (4-hours).

To the upside, the price is encountering opposition close to the level of $58, as well as the level of $59. On the 4-hour chart of the LTC/USD pair, there is also an important negative trend line that is forming near $59, which acts as resistance.

The trend line is currently located close to the 50% Fib retracement level of the most recent drop that began at the swing high of $62.75 and ended at the low of $52.93. The next significant barrier to overcome is located close to the $60 level. A decisive rise that takes the price decisively above the $60 barrier might propel it to the level of $62.75.

In the event that prices go lower, there is short-term support located close to the $55 level. The area around the $53 price point constitutes the next important support. In the event that the price moves in the opposite direction and breaks below the support at $53, it is possible that it will quickly move closer to the level of $50.

Price of Litecoin in Litecoin (LTC)

When seen in conjunction with the chart, it is evident that the price of litecoin is currently trading below $58 and the 55 simple moving average (4-hours). If the price is able to break over the $58 and $60 levels, there is a good chance that it will start a decent upward trend.

Technical indicators

4 hour MACD The MACD for LTC/USD is presently moving more slowly into the bullish zone after having been there for some time.

4 hour RSI (Relative Strength Index): The RSI for the LTC/USD pair is currently located quite close to the level of 50.

The $55 and $53 Key Support Levels are as follows:

Both $58 and $60 are key resistance levels.