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  • Litecoin bulls appear to be losing to the sellers again as technical levels gang up against them.
  • The descending channel support and the support at $55 are likely to come in handy and force a reversal in case of extended losses.

Spot rate: $61.02

Relative change: 0.4791

Percentage change: -0.72%

Trend: Bullish (short term)

Volatility: Low

LTC/USD daily chart

LTC/USD price chart

Litecoin price is forced between a rock and a hard place; on the upside, the $65 level is a stubborn resistance while the bulls are focused on defending the $60 critical support. The Bollinger Bands show that volatility is at the highest level this week. The lower curve of the daily Bollinger Band provided support preventing a slide under $55 (key support). Litecoin has two other major support areas likely to come in handy if declines sweep in at great strength; these are $50 – $55 and $35 – $40.

LTC/USD 1-hour chart

LTC/USD price chart

Litecoin price movement is locked within the confines of a new descending channel. Moreover, the existing trend has a bearish tune especially with the RSI slopping downwards from the recent high at 70. The same downtrend is reflected by the MACD’s bearish divergence. If the indicator dives into the negative region, sellers could gain confidence, and force LTC/USD towards the first key support at $55.