Litecoin Struggles Below $95, Risk of Further Losses Looms
• Litecoin started a fresh decline below the $95 zone against the US Dollar.
• The price is now trading below $95 and the 55 simple moving average (4 hours).
• There is risk of a downside break below the $90 and $88 support levels.
Litecoin Price Analysis
Litecoin price recently started a fresh decline against the US Dollar, trading below $95 level. There was also a break below a key bullish trend line with support near $93 on the 4-hour chart of the LTC/USD pair. This puts it at risk of further losses towards $90 and $88 support levels.
The MACD for LTC/USD is currently gaining momentum in bearish zone while RSI is well below 50 level. The immediate support is seen near $89.20, while key supports are at $87.00. On the upside, immediate resistance lies around $92 zone followed by major resistance nears at 50% Fib retracement level from downward move from swing high to low at $103 to 87$.
Resistance & Support Levels
The main resistance for Litecoin price lies around the psychological barrier of 100$. A clear move above this could push prices higher towards 103$ or even 105$ mark in short term. On downside, immediate support lies around 89$.20 whereas important supports are close to 87$ mark.
The current trend indicates that Litecoin price may continue its downward movement if it stays below 88$ resistance zone as there is risk of breaking down to 90$ and 88$ support levels on downside in coming sessions.
Overall, Litecoin price is clearly trading under 95$, putting it at risk of further losses in coming days if it fails to stay above 88$ resistance level in short term