Litecoin (LTC) Price Analysis: Dips Supported Near $90

Litecoin price is correcting gains from $98 against the US Dollar, similar to Bitcoin. LTC price could continue to move up if it remains well supported above the $87 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 $90 level and started a fresh increase.

There was a clear move above the $92 and $95 resistance levels. The price even climbed above the $96 level and the 55 simple moving average (4 hours). However, the bears were active near the $98 zone. A high was formed near $97.05 and the price started a downside correction.

There was a move below the $95 level. The bulls remained active above the $90 level. A low is formed near $91.07 and the price is now consolidating. It is trading below $90 and the 55 simple moving average (4 hours).

There is also a key bullish trend line forming with support near $91 on the 4-hours chart of the LTC/USD pair. On the upside, the price is facing resistance near the $94 level. It is close to the 50% Fib retracement level of the downward move from the $97.05 swing high to the $91.07 low.

The next major resistance sits near the $95 level or the 61.8% Fib retracement level of the downward move from the $97.05 swing high to the $91.07 low. A clear move above the $95 level could pump the price toward the $100 level. Any more gains might call for a test of $112.

Downside Break?

Immediate support is near the $91 level and the trend line. The next major support is near the $87 zone. A downside break below the $87 support might start a strong decline.

Litecoin (LTC) Price

Looking at the chart, Litecoin price is clearly trading above $90 and the 55 simple moving average (4 hours). Overall, the price remains supported for more gains unless there is a clear move below $87.20.

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 – $91 and $87

Key Resistance Levels – $95 and $100.

Source: Read Full Article