Litecoin Price Analysis: Could LTC Reach $100?
• Litecoin price is currently struggling below the $90 resistance 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 continue to decline if it stays below the $92 resistance zone.
Litecoin (LTC) Price Analysis
Litecoin price is currently struggling below the $90 resistance 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 continue to decline if it stays below the $92 resistance zone.
In the past few hours, there was a minor increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC settled below the $90 resistance zone to move into a bearish zone. The price broke the $88 support zone and tested the $85 support before going into a recovery wave and moving above 50% Fib retracement level of its downward move from $91.46 swing high to its low at $85.13. It is now trading below $90 and 55 simple moving average (4 hours). On upside, however, it faces an immediate resistance at around 49$.
Resistance & Support Level
The main resistance for Litecoin lies near 92$ level and if cleared successfully can pump up prices towards 95$ or even 98$. On downside there are two key supports lying at 86.60$ and 85$. If there’s any downside breakage below 85$, then it can accelerate further down towards 80$ in its near future time period.
Considering technical analysis for Litecoin, MACD for LTC/USD is right now losing pace in bearish zone while RSI stands well below 50 levels along with it trading way below 55 SMA (4 hours). Thus making us conclude that if Lite remain unable to breach 92$ strong barrier then we can expect further declines in coming days as well as weeks ahead until some positive momentum comes out from either side of market i-e buyers or sellers respectively .