- Litecoin price formed a solid support near the $86.00 level and climbed higher against the US Dollar.
- LTC price traded above the $90.00 and $95.00 resistance levels before it faced sellers near $100.00.
- There was a break above a crucial bearish trend line with resistance near $91.50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is currently correcting gains, but it is likely to find support near $95.00 and $91.00.
Litecoin price is trading with a positive bias against the US Dollar and bitcoin. LTC price might correct lower in the near term, but dips remain well supported.
Litecoin Price Analysis
This week, litecoin price extended its decline below the $86.00 and $85.00 supports against the US Dollar. However, the decline was limited and the LTC/USD pair found support near the $83.50 level. A swing low was formed near $83.48 and the price recently climbed higher. The price broke the $88.00 and $90.00 resistance levels to move into a positive zone. Moreover, there was a close above the $92.00 level and the 55 simple moving average (4-hours).
More importantly, there was a break above a crucial bearish trend line with resistance near $91.50 on the 4-hours chart of the LTC/USD pair. Finally, the pair broke the $95.00 resistance and traded close to the $100.00 barrier. A swing high was formed near $99.84 and the price is currently correcting lower. It is testing the $95.00 level plus the 23.6% Fib retracement level of the upward move from the $83.48 low to $99.84 high.
On the downside, there are many supports near the $92.00, $91.50 and $91.00 levels. Additionally, the 50% Fib retracement level of the upward move from the $83.48 low to $99.84 high is also near the $91.60 level to act as a support. The 55 simple moving average (4-hours) is also near the $91.50 level. Therefore, the $92.00 and $91.50 levels are likely to act as strong supports in the near term.
On the upside, an immediate resistance near the $98.50 and $100.00 levels. If there is an upside break above the $100.00 barrier, the price is likely to accelerate higher towards the $106.50 and $110.00 levels in the coming sessions.
Looking at the chart, litecoin price is clearly trading in a bullish zone above the $91.50 and $92.00 support levels. In the short term, there might be a downside correction, but the bulls are likely to protect $91.50 or $90.00.
4 hours MACD – The MACD for LTC/USD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is correcting lower from the 70 level.
Key Support Levels – $92.00 and $91.50.
Key Resistance Levels – $100.00 and $106.50.
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