• Litecoin price remained well bid above the $60 support zone against the US Dollar.
• There is a key bearish trend line forming with resistance near $70.50 on the 4-hours chart of the LTC/USD pair.
• The price could start a decent increase if there is a clear move above the $72 resistance.
Litecoin (LTC) has been on a rollercoaster ride in the past month, with prices dropping to as low as $60.00 while attempting to recover from its losses. The cryptocurrency is currently trading above the $60 level, and there is a key bearish trend line forming with resistance near $70.50 on the 4-hours chart of the LTC/USD pair.
The price has been trading in a range between the $60.00 and $70.00 levels for the past few days, indicating a lack of momentum. A break below the $60.00 support could push Litecoin price lower towards the $55.00 and $50.00 levels.
On the upside, an initial resistance is near the $70.00 level. The bears are likely to put up a strong fight near the $72.00 and $73.00 resistance levels. If the price fails to clear the $72.00 resistance, it could start a fresh decline.
The main support is near the $60.00 level. A successful close below the $60.00 level could open the doors for a larger decline towards the $55.00 support area. Any further losses might cause a bearish reaction towards the $50.00 support.
Looking at the chart, Litecoin price is clearly trading in a bearish zone below the $72.00 and $73.00 resistance levels. To start a strong upward move, the bulls need to gain strength above the $73.00 resistance. If the price fails to break the $73.00 resistance level, it could drop further towards the $60.00 and $55.00 support levels. On the other hand, if the bulls succeed in pushing the price above the $73.00 level, it could start a strong rally towards the $80.00 resistance area.