- Litecoin started a steady increase above $88 against the US Dollar.
- LTC price is now trading below $92 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $90.45 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $92 and $95 resistance levels.
Litecoin price is showing positive signs above $88 against the US Dollar, similar to Bitcoin. LTC price could climb further if there is a clear move above $95.
Litecoin Price Analysis
In the past few sessions, there were mostly bullish moves in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $87.50 level and started a fresh increase.
There was a clear move above the $90 and $92 resistance levels. However, the bears were active near the $95 resistance zone. A high was formed near $95.85 before there was a downside correction. The price declined below $90 and tested $89.85.
It is now consolidating below $92 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $92 level. It is close to the 23.6% Fib retracement level of the downward move from the $95.85 swing high to the $89.85 low.
A clear move above the $92 level could push the price towards the $93.50 level or the 61.8% Fib retracement level of the downward move from the $95.85 swing high to the $89.85 low. The next major resistance sits near the $95 level. Any more gains might send the price toward the $100 level.
On the downside, initial support is near the $90 level. There is also a key bullish trend line forming with support near $90.45 on the 4-hours chart of the LTC/USD pair.
The next major support is near the $88 level. If there is a downside break below the $88 support, the price could accelerate lower toward the $82 level in the near term.
Looking at the chart, Litecoin’s price is trading below $92 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $92 and $95 resistance levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $90 and $88
Key Resistance Levels – $92 and $95.
