- Litecoin started a fresh decline below the $100 zone against the US Dollar.
- LTC price is now trading below $100 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $96.90 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could struggle to clear the $97 and $100 resistance levels in the near term.
Litecoin price is struggling below $100 against the US Dollar, similar to bitcoin. LTC price could continue to decline if it stays below the $100 resistance zone.
Litecoin Price Analysis
In the past few sessions, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a high near $105.69 and started a fresh decline.
There was a move below the $102 and $100 support levels. The price even declined below the 61.8% Fib retracement level of the upward move from the $88.25 swing low to $105.69 high. It is now trading below $100 and the 55 simple moving average (4-hours).
The price tested the $91.75 support zone. It remained bid above the 76.4% Fib retracement level of the upward move from the $88.25 swing low to $105.69 high.
It is now recovering higher towards the $97 zone. On the upside, the price is facing resistance near the $97.00 zone. There is also a key bearish trend line forming with resistance near $96.90 on the 4-hours chart of the LTC/USD pair.
The next major resistance sits near the $100 level. The main resistance is near the $105 level. A clear move above the $105 level could pump the price towards the $115 level or even $120. The next major resistance could be $125.
On the downside, an immediate support is near the $94 level. The next key support is near the $91.75 level. If there is a downside break below the $91.75 support, the price could accelerate lower towards the $88 level in the near term.
Looking at the chart, litecoin price is clearly trading below $100 and the 55 simple moving average (4-hours). Overall, the price could struggle to clear the $97 and $100 resistance levels in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $94.00 and $91.75.
Key Resistance Levels – $100.00 and $105.00.
