• Litecoin price is currently trading below $80 against the US Dollar.
• The bearish trend line forming with resistance near $80.60 on the 4-hour chart of the LTC/USD pair.
• Immediate support is near the $72 level and if it breaks lower, it could accelerate toward $65 in the near term.
Litecoin (LTC) Price Analysis
Litecoin is showing bearish signs and trading below $80 against the US Dollar. There is a key bearish trend line forming with resistance near $80.60 on the 4-hour chart of the LTC/USD pair, suggesting more losses may be likely in the coming sessions.
The pair could start a decent increase if it clears the $82 resistance zone. Immediate resistance is near the $75.60 level, which is close to the 23.6% Fib retracement level of the downward move fromthe$90 swing high tothe$71 low. The next major resistance is nearthe$80level orthetrend line, whichis closeto50% Fib retracement levelofdownwardmovefromthe$90 swing hightothe$71 low. On downside, immediate supportisnear$72levelandifthereisdownside break below$70support,thepricecouldacceleratelower towardsthe$65levelin thenearterm .
There are several risks associated with trading Litecoin at this time as it has yet to clear important resistances like those mentioned above. As such, traders should keep an eye on these levels and be prepared for possible declines if they fail to hold up against further selling pressure from bears in future sessions.
Overall, Litecoin price remains at risk of more losses below $70 unless buyers can push it back above key resistances like $75 and especially $82 in order for its medium-term outlook to become more bullish again over time..
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