On the daily chart, the LTC/USD pair has formed a Three Black Crows pattern. The LTC is currently exhibiting a Rounded Top pattern on its daily chart.
The analysis of #Litecoin price over the past day and four hours indicates a downward trend in the market. The price has decreased significantly and is currently hovering around the $83.00 mark.
Litecoin, similar to Bitcoin, is currently trading below $92 against the US dollar. However, if the price of LTC fails to surpass the $82 barrier level, it may experience a further decline.
In recent #trading sessions, Bitcoin, Ethereum, Ripple, and Litecoin have all experienced a decline against the US dollar. Specifically, Litecoin (LTC) reached a peak of $98.34 before beginning a downward trend. The price has since fallen below key support levels of $95 and $92, and has even dipped below the $90 support level. As of now, the price has hit a low of $81.31 and is currently consolidating losses. Presently, it is trading below $85 and the 50-hour simple moving average.
According to #Priceanalysis , The current price is encountering a barrier around the $85.00 mark, which could potentially prevent further decline. Additionally, a significant bearish trend line is forming with resistance near $85 on the 4-hour chart, indicating a possible reversal in the near future. Looking ahead, the next major obstacle for the pair is the $89 level. However, the primary resistance level to watch out for is at $92. If the price manages to break through this level, it could potentially surge towards $98 or even $100. It's worth noting that the next significant resistance level after $100 could be at $104.
If LTC fails to break through the $85 resistance, Then there is an immediate #support level near $82. Additionally, the next key support level is located near $80. However, if the price were to break below this support level, it could lead to a rapid decline towards the $75 level in the near future. In the event that LTC breaches the $75 level, it's highly likely that we could see a further drop towards the $72-$70 range.
KEY LEVELS :
RESISTANCE LEVEL : $86.00-$90.00
SUPPORT LEVEL : $80.00-$75.00