LIVEđ” LiveBitcoinNews Analytics: $LTC Price Analysis
In the past few sessions, there was a steady increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC struggled to clear the $105 resistance zone and started a fresh decline.
There was a move below the $88 and $85 support levels. Finally, the bulls protected the key support at $77. A low was formed near $76.96, and the price is now attempting a fresh increase. The price started a recovery wave above the $80.00 level.
It broke the 23.6% Fib retracement level of the downward move from the $105.71 swing high to the $76.96 low. There was a break above a key bearish trend line with resistance at $83.80 on the 4-hour chart of the LTC/USD pair.
At the moment of repost, Litecoin is now trading:
- $85.46 on KuCoin exchange
- $85.51 on WhiteBIT exchange
- $85.32 on Kraken exhange
and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $88.00 level. The next major resistance is near the $91.50 level or the 50% Fib retracement level of the downward move from the $105.71 swing high to the $76.96 low.
A clear move above the $91.50 level could push the price toward the $95 zone. The next major resistance sits near the $100 level. Any more gains might send the price toward the $112 level.
On the downside, initial support is near the $83.50 level. The next major support is near the $82.00 level. If there is a downside break below the $82.00 support, the price could accelerate lower toward the $77.00 level in the near term.
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