32 C
Dubai
Friday, May 24, 2024
HomeAltcoin NewsLitecoin (LTC) Price Analysis: Downtrend Intact Below $90

Litecoin (LTC) Price Analysis: Downtrend Intact Below $90

Date:

Related stories

  • Litecoin started a fresh decline below the $95 zone against the US Dollar.
  • LTC price is now trading below $92 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could struggle to clear the $85 and $90 resistance levels in the near term.

Litecoin price is struggling below $92 against the US Dollar, similar to bitcoin. LTC price could continue to decline if it stays below the $92 resistance zone.

Litecoin Price Analysis

In the past few sessions, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a high near $98.34 and started a fresh decline.

There was a move below the $95 and $92 support levels. The price even declined below $90 support zone. A low is formed near the $81.31 and the price is now consolidating losses. It is now trading below $90 and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $85.00 zone or the 23.6% Fib retracement level of the downward move from the $98.34 swing high to $81.31 low.

There is also a key bearish trend line forming with resistance near $85 on the 4-hours chart of the LTC/USD pair. The next major resistance sits near the $90 level. It is near the 50% Fib retracement level of the downward move from the $98.34 swing high to $81.31 low.

The main resistance is near the $92 level. A clear move above the $92 level could pump the price towards the $98 level or even $100. The next major resistance could be $105.

On the downside, an immediate support is near the $82 level. The next key support is near the $80 level. If there is a downside break below the $80 support, the price could accelerate lower towards the $72 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $92 and the 55 simple moving average (4-hours). Overall, the price could struggle to clear the $85 and $90 resistance levels in the near term.

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 – $85.00 and $90.00.

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.

Subscribe

Latest stories