• Litecoin (LTC) 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 price could resume its increase if it remains well supported above the $82.50 level.
Litecoin Price Analysis
Litecoin started a downside correction from the $94 zone against the US Dollar. There was a clear move above the $8 and $88 resistance levels, even climbing above the $90 level and the 55 simple moving average (4 hours). However, bears were active near the $94 zone causing Litecoin to start a correction.
The MACD for LTC/USD is now gaining pace in bearish zone while RSI for LTC/USD is now below 50 level. A downside break below the support at $79.20 might start a strong decline in Litecoin’s price.
On the upside, there is resistance at around $86 level and next major resistance sits near at around $88 level. A clear move above this could push Litecoin’s price toward testing its all time high of around $100 mark again.
Immediate support lies near at around 82.50 levels or 50% Fib retracement level of upward move from low of 71 to high of 93 . Additionally, there is also an important bullish trend line forming with support near 82.50 on 4-hour chart of LTC/USD pair which further strengthens this support area .
Looking at current technical indicators LTC remains supported for fresh increase unless there is a break below 86 levels . If bulls manage to keep prices above 82 levels then we may see another attempt towards reaching 100 mark again in nearest future .