- Litecoin started a steady increase above $92 against the US Dollar.
- LTC price is now trading below $100 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $95 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair remains supported for more gains above the $100 and $105 resistance levels.
Litecoin price is correcting gains from $102 against the US Dollar, similar to bitcoin. LTC price could start a fresh increase if it stays above the $92 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 $92 level and started a fresh increase.
There was a clear move above the $95 and $98 resistance levels. The price even climbed above the $100 level and the 55 simple moving average (4-hours). A high was formed near $102.57 and the price recently started a downside correction.
There was a move below the $100 support level. The price traded below the 23.6% Fib retracement level of the upward wave from the $88.45 swing low to $102.57 high.
Litecoin price is now trading below $100 and the 55 simple moving average (4-hours). It is testing the 50% Fib retracement level of the upward wave from the $88.45 swing low to $102.57 high. On the downside, an initial support is near the $95.50 level.
There is also a key bullish trend line forming with support near $95 on the 4-hours chart of the LTC/USD pair. The first major support is near the $95.00 level.
If there is a downside break below the $92 support, the price could accelerate lower towards the $85 level and the trend line in the near term. On the upside, the price is facing resistance near the $100 and $102 levels. A clear move above the $102 level could pump the price towards the $110 level. The next major resistance sits near the $120 level.
Looking at the chart, litecoin price is clearly trading below $100 and the 55 simple moving average (4-hours). Overall, the price remains supported for more gains above the $100 and $105 resistance levels.
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 – $95 and $92
Key Resistance Levels – $100 and $102.
