• Litecoin (LTC) price is currently trading below the $90 resistance level against the US Dollar.
• There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair.
• The price could start a decent increase if it breaks above the $92 resistance zone.
Litecoin Price Analysis
Litecoin (LTC) price is currently trading below the $90 resistance level against the US Dollar. There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair. The price could start a decent increase if it breaks above the $92 resistance zone.
Support and Resistance Levels
On the upside, there is strong resistance near $90 and then at $92. On the downside, immediate support is near the $86.60 level and then at key support levels around of $85.00 and further down at 80$.
Technical Indicators
The MACD for LTC/USD is currently in a bearish zone while RSI (Relative Strength Index) for LTC/USD is now below 50 which indicates that bearish momentum could continue in short term before we see some positive signs for bulls to take over again in Litecoin market.
Next Move For Litecoin?
If there are no further declines, Litecoin could begin its recovery from current levels and make an attempt to break above key resistances at around $90 and then at 92$. If successful, this could open doors for further gains towards 100$ mark soon after which will be followed by more bullish runs later on as long as buyers keep up with their momentum intact throughout this process from here on out.
Conclusion
Overall, if buyers can successfully break past key resistances such as 90$ and 92$, then they might have better chance of pushing Litecoin prices higher towards 100$ mark or even beyond that which will definitely be good news for all holders of this digital asset in coming days ahead so stay tuned for more updates regarding this cryptocurrency pairing until next time!