• Litecoin price is facing resistance near the $165 zone against the US Dollar.
• LTC price is now trading below $155 and the 55 simple moving average (4-hours).
• There is a major bearish trend line forming with resistance near $160 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
• The pair could start a fresh decline if it fails to stay above the $142 support.

Litecoin price is consolidating below $165 against the US Dollar, similar to bitcoin. LTC price could resume lower if it breaks the $142 support zone.

Litecoin Price Analysis

This week, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $180 resistance zone and started a fresh decline.

There was a break below the $165 and $155 support levels. The price even dived below the $150 support and the 55 simple moving average (4-hours). A low was formed near the $142 level and the price is now correcting losses.

There was a move above the $150 level. It is now facing resistance near the $155 zone and the 55 simple moving average (4-hours). It is also close to the 23.6% Fib retracement level of the downward move from the $220 swing high to $142 low.

The next key resistance could be $160. There is also a major bearish trend line forming with resistance near $160 on the 4-hours chart of the LTC/USD pair.

The main barrier is now near the $165 level. A move above the $165 level could push the price towards the 50% Fib retracement level of the downward move from the $220 swing high to $142 low. A close above the…