Litecoin (LTC) Price Analysis: Uptrend Intact Above $85
- Litecoin started a strong increase above $85 against the US Dollar.
- LTC price is now trading above $82 and the 55 simple moving average (4-hours).
- There is a connecting bullish trend line forming with support near $88.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair remains supported for more gains unless there is a clear move below $85.
Litecoin price is rising steadily above $85 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well supported above the $85 level.
Litecoin Price Analysis
In the past few sessions, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $82 level and started a fresh increase.
There was a clear move above the $85 and $88 resistance levels. The price even climbed above the $90 level and the 55 simple moving average (4-hours). However, the bears were active near the $95 zone. A high was formed near $93.16 and the price started a downside correction.
There was a move below the $90 level. The price declined below the 50% Fib retracement level of the upward move from the $81.67 swing low to $93.16 high.
The price is now trading above $85 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $88.00 on the 4-hours chart of the LTC/USD pair. The pair is also supported above the 61.8% Fib retracement level of the upward move from the $81.67 swing low to $93.16 high.
The first major support is near the $88 level and the trend line. If there is a downside break below the $88 support, the price could accelerate lower towards the $85 level in the near term.
On the upside, the price is facing resistance near the $92 and $93 levels. A clear move above the $93 level could pump the price towards the $100 level. The next major resistance sits near the $108 level.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading above $85 and the 55 simple moving average (4-hours). Overall, the price remains supported for more gains unless there is a clear move below $85.
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 – $88 and $85
Key Resistance Levels – $93 and $100.
