After surpassing the initial resistance level of $96 on April 14, Litecoin continued to rise and reached $103 on April 18. However, the bullish momentum was not sustained, and the price was unable to hold onto these higher levels.
#LITECOIN , like Bitcoin, is trading below $95 against the US dollar. If the price of LTC remains below the $88 barrier level, it may continue to fall. Bitcoin, Ethereum, Ripple, and Litecoin have all recently fallen in value against the US dollar.
Earlier, #LTC began a steady rise above the $95 and $100 resistance levels. Despite attempting to surpass the $103.50 level, the bears took control of the market, causing the price of LTC to experience a significant decline.
The value dropped abruptly below the $100 and $95 levels, and a key bullish trend line with support near $93 on the 4-hour chart of the LTC/USD pair was broken. The price even briefly dipped below $90 before reaching a low point of $87.00. Currently, the price is consolidating losses and is testing the 23.6% Fib retracement level of the drop from the $103.44 swing high to the $87.00 low.
The $92 zone is currently posing resistance for the price of LTC, with the next major hurdle being the $95 level, which aligns with the 50% Fib retracement level of the drop from the $103.44 swing high to the $87.00 low. The $100 level is the primary resistance level, and a convincing push above it could propel the price towards $103 or even $105. In such a scenario, the next significant resistance level could be at $115.
If the price falls, the immediate support level is at $89.00, followed by a key support level at $86.00. If the price breaks below the $86 support level, it may experience accelerated downward momentum, potentially reaching the $80 level in the short term.
KEY LEVELS :
RESISTANCE LEVEL : $94-$98
SUPPORT LEVEL : $87-$83
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.