HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Regain Strength Above $85

Litecoin (LTC) Price Analysis: Bulls Regain Strength Above $85

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  • Litecoin started a steady increase above $82 against the US Dollar.
  • LTC price is now trading above $82 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance at $77.40 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could rise further if it clears the $91 and $94 resistance levels.

Litecoin price is showing positive signs above $85 against the US Dollar, similar to Bitcoin. LTC price could climb further if there is a clear move above $91.

Litecoin Price Analysis

In the past few sessions, there were mostly positive moves in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $71 level and started a fresh increase.

There was a clear move above the $75 and $78 resistance levels. During the increase, there was a break above a key bearish trend line with resistance at $77.40 on the 4-hour chart of the LTC/USD pair. The pair even cleared the $85 resistance zone.

There was a move above the 50% Fib retracement level of the key decline from the $97.53 swing high to the $71.09 low. It is now trading above $85 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $91.20 level. It is close to the 76.4% Fib retracement level of the key decline from the $97.53 swing high to the $71.09 low. A clear move above the $91.20 level could push the price toward the $93.35 level.

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 $84.40 level.

The next major support is near the $80 level. If there is a downside break below the $80 support, the price could accelerate lower toward the $77.20 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, Litecoin price is clearly trading above $85 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $91 and $94 resistance levels.

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 – $84.40 and $80.00

Key Resistance Levels – $91.20 and $93.35.

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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