- Litecoin price failed to break the $98.00 and $100.00 resistance levels against the US Dollar.
- LTC price declined recently and broke the $92.00 and $90.00 support levels.
- There is a crucial contracting triangle formed with support at $83.80 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could decline below the $83.80 support and it is likely to revisit the $80.00 support area.
Litecoin price is currently under pressure against the US Dollar and bitcoin. LTC is likely to retest the $80.00 or $77.60 support before a fresh upward move in the near term.
Litecoin Price Analysis
Earlier this week, there was a decent upward move above the $85.00 level in litecoin price against the US Dollar. The LTC/USD pair broke the $90.00 and $92.00 resistance levels. There was even a close above the $90.00 level and the 55 simple moving average (4-hours). However, the price failed to break the $98.00 and $100.00 resistance levels, and declined lower. Today, there was a corrective wave in bitcoin, Ethereum, ripple, EOS, ADA, TRX and other cryptocurrencies. It pushed LTC price below the $88.00 support level.
There was a break below the 50% Fib retracement level of the last wave from the $73.02 low to $97.88 high. Moreover, there was a break below the $86.50 support and the 55 simple moving average (4-hours). The price is now trading above the 61.8% Fib retracement level of the last wave from the $73.02 low to $97.88 high. More importantly, there is a crucial contracting triangle formed with support at $83.80 on the 4-hours chart of the LTC/USD pair.
If there is a downside break below the triangle support, the price could decline below the $82.50 level. The next key support is $80.00, below which the price is likely to revisit the $77.60 support area. Any further declines could be contained and the price might bounce back from the $80.00 or $77.60 support.
Looking at the chart, litecoin price is clearly struggling below the $88.00 and $90.00 levels. To resume its upward move, buyers need to clear the $90.00 resistance. The next resistance is at $92.00, above which the price is likely to retest the $98.00 and $100.00 resistance levels. Overall, the price remains at a risk of more losses below $82.50 unless buyers manage to push it above the $90.00 resistance.
Technical indicators
4 hours MACD – The MACD for LTC/USD is gaining momentum in the bearish zone, with a negative bias.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD declined below the 50 level and it is currently near 40.
Key Support Levels – $82.50 and $77.60.
Key Resistance Levels – $90.0 and $92.00.
