LTC Could Retest $60 Before Fresh Surge

Litecoin value is struggling to achieve tempo above $66.40 in opposition to the US Greenback. LTC might revisit the $60 assist earlier than the bulls take a powerful stand.

• Litecoin is correcting losses from the $63 assist zone in opposition to the US Greenback.
• The worth is now buying and selling beneath $66 and the 100 easy shifting common (4 hours).
• There’s a key contracting triangle forming with resistance close to $65.50 on the 4-hour chart of the LTC/USD pair (knowledge feed from Kraken).
• The worth might drop towards the $60 assist earlier than it begins a recent enhance.

Litecoin Worth Indicators Bearish Transfer

This previous week, there was a recent decline in Bitcoin, Ethereum, Litecoin, and different altcoins in opposition to the US Greenback. LTC value shaped a high close to $68.40 earlier than it began a recent decline.

The worth traded beneath the $66.40 and $65.00 assist ranges. It retested the $63.00 assist zone. A low was shaped close to $63.01 and the worth is now trying a recent enhance. There was a transfer above the $65.20 resistance.

The worth spiked above the 50% Fib retracement stage of the downward transfer from the $68.38 swing excessive to the $63.01 low. Litecoin is now buying and selling beneath $66 and the 100 easy shifting common (4 hours). There’s additionally a key contracting triangle forming with resistance close to $65.50 on the 4-hour chart of the LTC/USD pair.

On the upside, rapid resistance is close to the $65.50 zone. The following main resistance is close to the $6.40 stage. It’s near the 61.8% Fib retracement stage of the downward transfer from the $68.38 swing excessive to the $63.01 low. If there’s a clear break above the $66.40 resistance, the worth might begin one other sturdy enhance.

Supply: LTCUSD on TradingView.com

Within the acknowledged case, the worth is prone to proceed larger towards the $68.40 and $70 ranges. Any extra good points may ship LTC’s value towards the $75 resistance zone.

Draw back Thrust in LTC?

If Litecoin value fails to clear the $66.40 resistance stage, there might be a recent decline. Preliminary assist on the draw back is close to the $63.00 stage.

The following main assist is forming close to the $60 stage, beneath which there’s a threat of a transfer towards the $58.00 assist. Any additional losses could maybe ship the worth towards the $55 assist.

Technical indicators:

4-hour MACD – The MACD is now dropping tempo within the bullish zone.

4-hour RSI (Relative Power Index) – The RSI for LTC/USD remains to be beneath the 50 stage.

Main Help Ranges – $63.00 adopted by $60.00.

Main Resistance Ranges – $66.40 and $68.40.