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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Might Protect $80

Litecoin (LTC) Price Analysis: Bulls Might Protect $80

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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
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.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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