{"id":38584,"date":"2022-12-19T07:57:55","date_gmt":"2022-12-19T07:57:55","guid":{"rendered":"http:\/\/egrowonline.com\/?p=38584"},"modified":"2022-12-19T07:57:55","modified_gmt":"2022-12-19T07:57:55","slug":"litecoin-price-bleeds-why-the-bulls-could-stay-on-sidelines","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=38584","title":{"rendered":"Litecoin Price Bleeds, Why The Bulls Could Stay On Sidelines"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>Litecoin price started a fresh decline from the $80 resistance against the US Dollar. LTC is struggling and remains at a risk of more losses towards the $55 support.<\/em><\/p>\n<ul>\n<li>Litecoin started a fresh decline from the $85 resistance against the US Dollar.<\/li>\n<li>The price is now trading below $70 and the 100 simple moving average (4-hours).<\/li>\n<li>There was a break below a key contracting triangle with support near $75.00 on the 4-hours chart of the LTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could continue to move down towards $55 in the near term.<\/li>\n<\/ul>\n<h2>Litecoin Price Turns Red<\/h2>\n<p>This past month, litecoin price saw a strong increase above the $70 level against the US Dollar. LTC price was able to clear the $80 resistance level, outperforming both <a target=\"_blank\" href=\"https:\/\/newsbtc.com\/analysis\/btc\/bitcoin-price-bearish-16-5k\/\" rel=\"noopener\">bitcoin<\/a> and <a target=\"_blank\" href=\"https:\/\/newsbtc.com\/analysis\/eth\/ethereum-price-signaled-sell-1200\/\" rel=\"noopener\">ethereum<\/a>.<\/p>\n<p>However, the bears remained active near the $85 zone. There was a topping pattern formed near the $85 level before the price started a fresh decline. There was a clear move below the $80 and $78 support levels. Besides, there was a break below a key contracting triangle with support near $75.00 on the 4-hours chart of the LTC\/USD pair.<\/p>\n<p>Litecoin price is now trading below $70 and the 100 simple moving average (4-hours). A low is formed near $61.67 and the price is now consolidating losses.<\/p>\n<p>On the upside, an immediate resistance is near the $66.00 level. It is near 23.6% Fib retracement level of the recent decline from the $79.80 swing high to $61.67 low. The first major resistance is near the $70.00 level.<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-4.png\" rel=\"noopener\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-512852\" src=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-4.png\" alt=\"Litecoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-4.png 1834w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-4-460x212.png 460w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-4-860x396.png 860w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-4-768x354.png 768w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-4-1536x708.png 1536w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-4-750x346.png 750w, https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/Litecoin-4-1140x525.png 1140w\" \/><\/a><\/p>\n<p>Source: <a target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/LTCUSD\/\" rel=\"nofollow noopener\">LTCUSD on TradingView.com<\/a><\/p>\n<p>The 50% Fib retracement level of the recent decline from the $79.80 swing high to $61.67 low is also near $70. If there is a clear break above the $70 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $75 and $78 levels. Any more gains might send ltc price towards the $80 resistance zone.<\/p>\n<h2>More Losses in LTC?<\/h2>\n<p>If Litecoin price fails to clear the $70.00 resistance level, there could be more losses. An initial support on the downside is near the $61.60 level.<\/p>\n<p>The first major support is forming near the $60.00 level. Any further losses may perhaps send the price towards the $55.00 support in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>4-hours MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n<p>4-hours RSI (Relative Strength Index) \u2013 The RSI for LTC\/USD is below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $60.00 followed by $55.00.<\/p>\n<p>Major Resistance Levels \u2013 $70.00 and $75.00.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiOmh0dHBzOi8vbmV3c2J0Yy5jb20vYW5hbHlzaXMvbHRjL2xpdGVjb2luLXByaWNlLWJsZWVkcy01NS_SAT5odHRwczovL25ld3NidGMuY29tL2FuYWx5c2lzL2x0Yy9saXRlY29pbi1wcmljZS1ibGVlZHMtNTUvYW1wLw?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Litecoin price started a fresh decline from the $80 resistance against the US Dollar. LTC is struggling and remains at a risk of more losses towards the $55 support. Litecoin started a fresh decline from the $85 resistance against the US Dollar. The price is now trading below $70 and the 100 simple moving average [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":38585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[43],"tags":[12923,211,199,195,8627,3462],"class_list":["post-38584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-bleeds","tag-bulls","tag-litecoin","tag-price","tag-sidelines","tag-stay"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/12\/shutterstock_649452289.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38584"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38584\/revisions"}],"predecessor-version":[{"id":38586,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38584\/revisions\/38586"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/38585"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38584"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}