Litecoin (LTC) Price Analysis: Bulls Might Protect $80

May 25, 2023

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000

Litecoin started a downside correction from the $95 zone against the US Dollar.
LTC price is now trading below $90 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
The pair remains supported for a fresh increase unless there is a clear move below $80.

Litecoin price is correcting gains from $95 against the US Dollar, similar to bitcoin. LTC price could resume its increase 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 $90 resistance levels. The price even climbed above the $92 level and the 55 simple moving average (4 hours). However, the bears were active near the $95 zone. A high was formed near $95.00 and the price started a downside correction.

There was a move below the $90 level. The price traded below the 50% Fib retracement level of the upward move from the $75.32 swing low to the $95.00 high. Besides, there was a break below a key bullish trend line with support near $85 on the 4-hours chart of the LTC/USD pair.

It is now trading below $90 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $85 level.

The next major resistance sits near the $90 level. A clear move above the $90 level could pump the price toward the $95 level. Any more gains might call for a test of $100. Immediate support is near the $82.80 level or the 61.8% Fib retracement level of the upward move from the $75.32 swing low to the $95.00 high.

The next major support is near the $80 zone. A downside break below the $80 support might start a strong decline.

Litecoin (LTC) Price

Looking at the chart, Litecoin price is trading below $90 and the 55 simple moving average (4 hours). Overall, the price remains supported for a fresh increase unless there is a clear move below $80.

Technical indicators

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 – $82.80 and $80.00

Key Resistance Levels – $85 and $90.

Source: Read Full Article