• Litecoin started a downside correction from the $94 zone against the US Dollar.
• There is a key bullish trend line forming with support near $82.50 on the 4-hours chart of the LTC/USD pair.
• The price could resume its increase if it remains well supported above the $82.50 level.
Litecoin (LTC) Price Analysis
Litecoin price has started a downward correction from the recent high of $93.82 against the US Dollar. It is currently trading below $88 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $82.50 on the 4-hours chart of the LTC/USD pair which could provide support for further upward movement in price.
On the upside, there are resistances at around $86 and $88 levels for Litecoin price to move higher again towards its previous highs around $94 or beyond that level into uncharted territory. If these resistance levels are broken then it could start a fresh increase in LTC prices over time.
The immediate support for Litecoin’s price is near the $82.50 level or at 50% Fibonacci retracement level of its uptrend from low of $71 to high of 93$. There is also a key bullish trend line forming with support near this area which might help in further upward movement in prices if it holds up well under pressure from bears in market conditions . Also, below this point there lies additional supports at around 79$ and 75$ marks respectively that might come into play if needed for corrective purposes .
The MACD for LTC/USD is currently gaining pace in bearish zone while RSI (Relative Strength Index) is also below 50 mark indicating downward momentum .
In conclusion, Litecoin looks poised to make another rebound as long as it stays above 82$ mark and breaks through resistance levels at 86$ and 88$. If bulls can manage to do so then we may see an extended rally towards 94$ or even beyond that level over time .