Litecoin (LTC) Price Analysis: Bulls Could Be Active Near $80
Litecoin price is correcting gains from $92 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well supported above the $80 level.
Litecoin Price Analysis
In the past few days, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $80 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 $92 zone. A high was formed near $91.14 and the price started a downside correction.
There was a move below the $85 level. The price traded below the 23.6% Fib retracement level of the upward move from the $72.45 swing low to $91.14 high. There was a break below a key bullish trend line with support near $86.50 on the 4-hours chart of the LTC/USD pair.
The price is now trading below $80 and the 55 simple moving average (4-hours). An immediate support is near the $81.80 level. It is near the 50% Fib retracement level of the upward move from the $72.45 swing low to $91.14 high.
The next major support is near the $80 zone. A downside break below the $80 support might start a strong decline. On the upside, the price is facing resistance near the $84 and $85 levels. A clear move above the $85 level could pump the price towards the $92 level. The next major resistance sits near the $100 level.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading below $80 and the 55 simple moving average (4-hours). Overall, the price remains supported for more gains unless there is a clear move below $80.
4 hours MACD – The MACD for LTC/USD is now gaining 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 – $80 and $75
Key Resistance Levels – $85 and $92.
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