• Litecoin started a downside correction from the $95 zone against the US Dollar.
• There was a break below a key bullish trend line with support near $85 on the 4-hours chart of the LTC/USD pair.
• The price remains supported for a fresh increase unless there is a clear move below $80.
Litecoin Price Analysis
Litecoin (LTC) started a downside correction against the US Dollar from the $95 zone. There was a break below a key bullish trend line with support near $85 on the 4-hours chart of the LTC/USD pair. The price remains supported for further gains unless there is a clear move below $80.
Technical Indicators
On the 4-hours chart, there is MACD in bearish zone and RSI trading below 50 level indicating bearish momentum in Litecoin price.
Resistance Levels
The first major resistance of Litecoin lies at $90 and if it closes above that, it will pump up to test $95 resistance level. If bulls continue their momentum, it can even reach up to challenge its all time high of $100.
Support Levels
Immediate support of Litecoin rests at around $82.80 or 61.8% Fib retracement level of upward movement from swing low of $75 to recent high of 95$. If bears sink lower, next major support lies at around $80 which must hold for bulls to keep control over prices and prevent any further losses beneath this level.