Litecoin (LTC) Price Analysis: Downtrend Intact Below $90
Litecoin price is struggling below $92 against the US Dollar, similar to bitcoin. LTC price could continue to decline if it stays below the $92 resistance zone.
Litecoin Price Analysis
In the past few sessions, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a high near $98.34 and started a fresh decline.
There was a move below the $95 and $92 support levels. The price even declined below $90 support zone. A low is formed near the $81.31 and the price is now consolidating losses. It is now trading below $90 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $85.00 zone or the 23.6% Fib retracement level of the downward move from the $98.34 swing high to $81.31 low.
There is also a key bearish trend line forming with resistance near $85 on the 4-hours chart of the LTC/USD pair. The next major resistance sits near the $90 level. It is near the 50% Fib retracement level of the downward move from the $98.34 swing high to $81.31 low.
The main resistance is near the $92 level. A clear move above the $92 level could pump the price towards the $98 level or even $100. The next major resistance could be $105.
On the downside, an immediate support is near the $82 level. The next key support is near the $80 level. If there is a downside break below the $80 support, the price could accelerate lower towards the $72 level in the near term.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading below $92 and the 55 simple moving average (4-hours). Overall, the price could struggle to clear the $85 and $90 resistance levels in the near term.
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 – $82.00 and $80.00.
Key Resistance Levels – $85.00 and $90.00.
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