• Litecoin started a downside correction from the $94 zone against the US Dollar.
• There is a key bullish trend line forming with support near $82.50 on the 4-hours chart of the LTC/USD pair.
• The pair could start a fresh increase if it clears the $86.50 resistance.
Litecoin (LTC) Price Analysis
Litecoin price started a downside correction from the $94 zone against the US Dollar, however there is a key bullish trend line forming with support near $82.50 on the 4-hours chart of the LTC/USD pair. The pair could start a fresh increase if it clears the $86.50 resistance.
Technical Indicators
Looking at technical indicators, Litecoin price is trading below $92 and the 55 simple moving average (4 hours). Overall,the price remains supported for a fresh increase unless there is a clear move below $86.50. On the upside, MACD and RSI are gaining pace in bearish zone but remain below 50 level respectively.
Key Support Level
Immediate support for Litecoin lies near $82.50 level or 50% Fibonacci retracement level of upward move from swing low to high formed recently at around 71$. There is also an important bullish trend line forming with support near 82$ on 4 hour chart of LTC USD pair . The next major support lies near 79$20 level which if broken can trigger strong decline in price action .
Expected Price Action
If Litecoin manages to break above 86$ then it can pump towards 94$. Any more gains might call for test 100$. On flip side any break down below 79$20 will indicate further decline in prices which can extend upto 75$ mark where buying opportunity may arise again .
Conclusion
In conclusion , Litecoin price has corrected its gains from 94$ against US dollar and has found support near 82$. If bulls manage to push above 86$, then we expect further rise in prices towards 94$ and even 100$. On other hand any break down below 79$20 will indicate further decline in prices which can extend upto 75$.
