- Litecoin is holding gains above the $82.00 support against the US Dollar.
- LTC price is now trading above $82.00 and the 55 simple moving average (4 hours).
- There is a key rising channel forming with resistance near $88.50 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $88.50 and $92.50 resistance levels.
Litecoin price is holding gains above $82 against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $88.50.
Litecoin Price Analysis
In the past few sessions, there were range moves in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC struggled to clear the $106 resistance zone and started a fresh decline.
There was a move below the $92 and $82 support levels. Finally, the bulls protected the key support at $70.00. A low was formed near $70.83, and the price is now attempting a fresh increase. The price started a recovery wave above the $80 level.
It broke the 23.6% Fib retracement level of the downward move from the $106.00 swing high to the $70.80 low. Litecoin is now trading above $82.00 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $88.50 level or the 50% Fib retracement level of the downward move from the $106.00 swing high to the $70.80 low. There is also a key rising channel forming with resistance near $88.50 on the 4-hour chart of the LTC/USD pair.
The next major resistance is near the $92.50 level. A clear move above the $92.50 level could push the price toward the $100 zone. The next major resistance sits near the $106 level. Any more gains might send the price toward the $120 level.
On the downside, initial support is near the $82.00 level. The next major support is near the $80.00 level. If there is a downside break below the $80.00 support, the price could accelerate lower toward the $70.00 level in the near term.
Looking at the chart, Litecoin’s price is trading above $82.00 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $88.50 and $92.50 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 – $82.00 and $80.00.
Key Resistance Levels – $88.50 and $92.50.
