- 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.
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.