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- Litecoin started a downside correction from the $95 zone against the US Dollar.
- LTC price is now trading below $90 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support near $85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair remains supported for a fresh increase unless there is a clear move below $80.
Litecoin price is correcting gains from $95 against the US Dollar, similar to bitcoin. LTC price could resume its increase if it remains well supported above the $80 level.
Litecoin Price Analysis
In the past few days, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $80 level and started a fresh increase.
There was a clear move above the $85 and $90 resistance levels. The price even climbed above the $92 level and the 55 simple moving average (4 hours). However, the bears were active near the $95 zone. A high was formed near $95.00 and the price started a downside correction.
There was a move below the $90 level. The price traded below the 50% Fib retracement level of the upward move from the $75.32 swing low to the $95.00 high. Besides, there was a break below a key bullish trend line with support near $85 on the 4-hours chart of the LTC/USD pair.
It is now trading below $90 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $85 level.
The next major resistance sits near the $90 level. A clear move above the $90 level could pump the price toward the $95 level. Any more gains might call for a test of $100. Immediate support is near the $82.80 level or the 61.8% Fib retracement level of the upward move from the $75.32 swing low to the $95.00 high.
The next major support is near the $80 zone. A downside break below the $80 support might start a strong decline.
Litecoin (LTC) Price
Looking at the chart, Litecoin price is trading below $90 and the 55 simple moving average (4 hours). Overall, the price remains supported for a fresh increase unless there is a clear move below $80.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $82.80 and $80.00
Key Resistance Levels – $85 and $90.