So. Apr 14th, 2024

• Litecoin started a downside correction from the $95 zone against the US Dollar.
• The price is now trading below $90 and the 55 simple moving average (4 hours).
• The pair remains supported for a fresh increase unless there is a clear move below $80.

Litecoin (LTC) Price Analysis

Litecoin started a downside correction from the $95 zone against the US Dollar. LTC price is now trading below $90 and the 55 simple moving average (4 hours). There was a break below a key bullish trend line with support near $85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair remains supported for a fresh increase unless there is a clear move below $80.

Price Trend

In the past few days, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $80 level and started a fresh increase. There was an upward move above $85 and $90 resistance levels. However, bears were active near the $95 zone which caused Litecoin to start correcting gains from that point.

Support & Resistance Level

On upside, Litecoin price is facing resistance near at around$85 level while it has immediate support of around$82.80 or 61.8% Fib retracement level of its upward move from swing low to high points. If broke out this support then it could enter in negative trends and next major support would be around$80 zone otherwise if bulls take control over bears then it may test resistance level of around$90 with higher chances of crossing previous mark at 95$.

Technical Indicators

The MACD for LTC/USD is currently gaining momentum in bearish zone while RSI stands below 50 levels which shows some signs of bearish pressure but still both these indicators are placed under neutral zones which means no strong trend can be predicted yet until one indicator will come out from neutral zone either towards bullish or bearish side.

Conclusion

Overall, Litecoin price remains supported for further rise unless there is any clear breakout seen below$80 marking new lower lows in coming sessions otherwise if bulls remain intact then we may see good recovery after corrective rally ends with testing resistance level at around$90and higher chances to break previous mark at 95$.

Von admin