• Litecoin (LTC) surged from $80 to $95 against the US Dollar but then started its correction.
• The current price of LTC is trading below $90 and the 55 simple moving average (4 hours).
• Bulls are expected to protect the key support near the $80 level for another increase.
Litecoin (LTC) Price Analysis
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 pair remains supported for a fresh increase unless there is a clear move below $80.
Bullish Trend Line Broken
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 a clear move above the $85 and $90 resistance levels. The price even climbed above the $92 level and the 55 simple moving average (4 hours). However, bears were active near the $95 zone which caused LTC to start its downward correction. A high was formed near $95 and then it broke below an important bullish trend line with support near 85 on 4-hours chart of LTC/USD pair.
Resistance & Support Levels
On upside, price is facing resistance near 85 level while any more gains might lead to test of 100$. Immediate support is near 82$ or 61.8% Fib retracement level of upward move from 75$ swing low to 95$ high while next major support is close to 80$. A downside break below this major support could cause strong decline in Litecoin price whereas bulls will look forward to protect 80$ as main key support for further rise in LTC price.
The MACD for LTC/USD is now gaining pace in bearish zone whereas RSI for pair has gone below 50 mark indicating bearish momentum in coin’s price action currently.
Overall, Litecoin’s current prices remain supported for further increases unless there’s a clear move under 80$.