Litecoin’s price is grappling with a challenging quest to surge beyond the $66.40 threshold against the US Dollar. Before the bullish forces make a resounding comeback, LTC might take a detour and revisit the $60 support.
Litecoin is in the process of rectifying its recent setbacks, commencing its ascent from the $63 support zone against the US Dollar. The current scenario sees the price trading below $66, struggling to regain its footing above the 100 simple moving average within the 4-hour time frame.
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A pivotal moment unfolds as a crucial contracting triangle takes shape, its resistance hovering tantalizingly close to $65.50, as per the 4-hour chart of the LTC/USD pair, drawing data from Kraken. In this environment, the price appears poised to descend towards the $60 support before mounting a fresh ascent.
In recent times, Litecoin’s journey mirrored a bearish descent in Bitcoin, Ethereum, and various other altcoins against the US Dollar. LTC’s price hit a peak around $68.40 before embarking on a renewed downward trajectory.
This turbulent journey took it below the critical support levels at $66.40 and $65.00, with a brief sojourn near the $63.00 support zone. The price reached its nadir at approximately $63.01 before staging a nascent recovery. It managed to overcome the $65.20 resistance level, even making a triumphant leap beyond the 50% Fibonacci retracement level, stretching from the $68.38 peak to the $63.01 low.
Currently, Litecoin finds itself beneath the $66 threshold and the 100 simple moving average within the 4-hour timeframe. A crucial factor in the equation is the prominent contracting triangle, whose resistance lies tantalizingly close to $65.50, still casting its influence.
As for the journey ahead, the immediate obstacle looms around the $65.50 region, followed closely by the formidable $6.40 level. This level closely aligns with the 61.8% Fibonacci retracement level, tracing the decline from the $68.38 summit to the $63.01 nadir. A definitive breach beyond the $66.40 resistance could set the stage for a robust upswing.
In such a scenario, the price’s trajectory might continue its upward trajectory, setting its sights on the $68.40 and $70 milestones. Further gains could even propel LTC towards the formidable $75 resistance zone.
However, the flip side presents an alternate narrative. Should Litecoin falter in its bid to conquer the $66.40 resistance, a fresh descent may be in the cards. Initial support awaits near the $63.00 level, with the next substantial support coalescing around the $60 threshold. A breach beneath this could trigger a perilous journey towards the $58.00 support, and any further setbacks may usher in a challenge to hold ground at the $55 support.
