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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Indicators Point Fresh Increase To $100

Litecoin (LTC) Price Analysis: Indicators Point Fresh Increase To $100

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  • Litecoin settled below the $90 resistance zone against the US Dollar.
  • LTC price is now trading below $90 and the 55 simple moving average (4 hours).
  • There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could start a decent increase if it clears the $92 resistance zone.

Litecoin price is struggling below $90 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 hours, there was a minor increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC settled below the $90 resistance zone to move into a bearish zone.

The price broke the $88 support zone and tested the $85 support. A low is formed near $85.13 and the price is now attempting a recovery wave. There was a move above the 50% Fib retracement level of the downward move from the $91.46 swing high to the $85.13 low.

It is now trading below $90 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $49.00 zone.

There is also a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair. It is close to the 61.8% Fib retracement level of the downward move from the $91.46 swing high to the $85.13 low.

The next major resistance sits near the $90 level. The main resistance is near the $92 level. A clear move above the $92 level could pump the price toward the $95 level or even $98. The next major resistance could be $100.

On the downside, immediate support is near the $86.60 level. The next key support is near the $85.00 level. If there is a downside break below the $85.00 support, the price could accelerate lower toward the $80 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, Litecoin price is clearly trading below $90 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $92 resistance zone.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now losing 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 – $86.60 and $85.00.

Key Resistance Levels – $90.00 and $92.00.

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.

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