Litecoin (LTC) Price Analysis
- Litecoin started a fresh decline below the $95 zone against the US Dollar.
- The bears were active near the $103.50 zone and the price started a major decline.
- The main resistance is near the $100 level, while immediate support is near the $89.20 level.
Overview of Litecoin Price
Litecoin (LTC) has recently seen a decline in price against the US Dollar, similar to other crypto coins such as Bitcoin, Ethereum and Ripple. Earlier, LTC started an increase above $95 and even broke past the $100 resistance mark. However, bears took control of market sentiment and pushed prices back down below both these levels. There was also a break below a key bullish trend line with support near $93 on the 4-hour chart of the LTC/USD pair. The price even dropped to as low as $87 before beginning to consolidate losses at present.
Resistance Levels for Litecoin Price
At present, there is resistance for LTC around$92 zone which corresponds to the 23.6% Fib retracement level of its downward move from swing high at $103.42 to low at $87.04 . The next major resistance is close to 50% Fib retracement level that lies around $95 mark while main resistance lies around 100$. A clear move above this 100$ mark could pump up Litecoin’s price towards 103$ or even 105$. Ultimately 115$ can be expected if bulls take control over market sentiment again.
Support Levels for Litecoin Price
Immediate support can be seen at 89.20$ while next key support lies close to 87$. If there is any downside break below this 87$ support then Litecoin’s price could accelerate lower towards 80$.
Technical Indicators for Litecoin Price
>Presently MACD for LTC/USD pair is gaining pace in bearish zone while RSI for same pair has gone way below 50 indicating more bearishness in market sentiment .
Conclusion
>Overall presently Litecoin’s price is struggling beneath 95$ & 55 SMA on 4 hours chart with risk of further losses if it fails to stay above 88$ resistance zone
