Litecoin Price Analysis: Bulls Aim to Protect $80 as Correction Begins
• 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).
• There is immediate support near the $82.80 level or the 61.8% Fib retracement level of the upward move from the $75.32 swing low to the $95.00 high.
Litecoin Price Analysis
Litecoin has recently experienced a decent increase in value against the US Dollar, with prices forming a base above $80 before starting a fresh increase. Prices even climbed above $92 and the 55 simple moving average (4 hours), however, bears were active near the $95 zone resulting in a downside correction for LTC prices.
The MACD for LTC/USD is currently gaining pace in bearish zone while RSI for LTC/USD is below 50 level.
Supports & Resistance Levels
On the upside, prices are facing resistance near $85 level and any more gains might call for a test of $100. On other hand, there is immediate support near at $82.80 or 61.8% Fib retracement level of upward move between swing low ($75.32) and high ($95). The next major support sits near at around $80 mark which if broken could start a strong decline in Litecoin prices .
Overall, Litecoin prices remain supported for further increase unless there is clear move below $80 mark .