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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Fresh Increase Possible Above This Resistance

Litecoin (LTC) Price Analysis: Fresh Increase Possible Above This Resistance

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  • Litecoin is slowly moving higher from the $88 support 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 $92.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $92 and $95 resistance levels.

Litecoin price is recovering from the $88 zone against the US Dollar, similar to Bitcoin. LTC price could climb again if there is a clear move above $92.

Litecoin Price Analysis

In the past few sessions, there were mostly range moves in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC declined heavily below the $95 pivot level.

The price traded below the $92 and $90 levels. However, the bulls were active near the $88 zone. The price is now attempting a recovery wave and trading above $90. There was a move above the 23.6% Fib retracement level of the downward move from the $96.44 swing high to the $87.39 low.

Litecoin is now trading below $92 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $92 level. There is also a key bearish trend line forming with resistance near $92.00 on the 4-hour chart of the LTC/USD pair.

The trend line is near the 50% Fib retracement level of the downward move from the $96.44 swing high to the $87.39 low. A clear move above the $92 level could push the price toward the $95 zone.

The next major resistance sits near the $98.50 level. Any more gains might send the price toward the $100 level. On the downside, initial support is near the $89.50 level. The next major support is near the $88 level. If there is a downside break below the $88 support, the price could accelerate lower toward the $82 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, Litecoin’s price is trading below $92 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $92 and $95 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 – $89.50 and $87.40.

Key Resistance Levels – $92 and $95.

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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