Litecoin Price Analysis: Dips Attractive Near $82 – Time to Buy?

1. Juli 2023 admin 0 Comments

• Litecoin (LTC) started a downside correction from the $94 zone against the US Dollar.
• The bulls are currently facing resistance near the $86 level.
• There is a key bullish trend line forming with support near $82.50 on the 4-hours chart of the LTC/USD pair.

Litecoin Price Analysis

Litecoin started a downside correction from the $94 zone against the US Dollar. The bears were active near the $94 zone and caused a move below the $90 level and 55 simple moving average (4 hours). There is now a key bullish trend line forming with support near $82.50 on the 4-hours chart of the LTC/USD pair, which could start a fresh increase if it clears the $86.50 resistance.

Key Support and Resistance Levels

The bulls are currently facing resistance near the $86 level, above which there is room for further gains towards testing of $100 in Litecoin price. On the downside, immediate support is near the $82.50 level or 50% Fib retracement level of its recent upward move from low to high range while there is also a key bullish trend line forming with support at this point on its 4-hours chart which could provide further stability to its price action in upcoming sessions if broken down by bears.

Technical Indicators

Looking at technical indicators, MACD for LTC/USD is now gaining pace in bearish market while RSI for same trading pair is now below 50 levels indicating more losses in coming time if not supported around current levels or break above mentioned resistance points as discussed earlier.

Conclusion

Overall, Litecoin price remains supported for a fresh increase unless there is any clear move below mentioned support levels in coming sessions or days ahead as many technicals suggest still bullish momentum but caution must be taken before taking any position as crypto markets are very volatile and unexpected movements can occur anytime during day or night trading session worldwide so trade accordingly after doing proper research about market conditions using reliable sources only such that investors don’t suffer huge losses due to sudden volatility surge or crash in prices of cryptocurrencies like Bitcoin, Ethereum, Ripple etc..