Litecoin Price Bleeds, Why The Bulls Could Stay On Sidelines

Dec 19, 2022 08:00 am Cryptocurrency 168

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 (4-hours).

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).

The price could continue to move down towards $55 in the near term.

Litecoin Price Turns Red

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 bitcoin and ethereum.

However, the bears remained active near the $85 zone. There was ..

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