• Litecoin (LTC) has started a steady increase above $78 against the US Dollar.
• The pair could gain bullish momentum if it clears the $88 and $90 resistance levels.
• There is an initial support near the $85 level, and the next major resistance sits near the $95 level.
Litecoin Price Analysis
Litecoin (LTC) has started a steady increase above $78 against the US Dollar. The pair could gain bullish momentum if it breaks through the key resistances at $88 and $90. There is an initial support near the $85 level, and the next major resistance sits near the $95 level.
There was a break above a major bearish trend line with resistance at $85 on the 4-hours chart of LTC/USD pair (data feed from Coinbase). On the upside, there is strong resistance at around $88 and any move past this will push litecoin price towards its next resistance of around $95 which is near 1.618 Fib extension level of downward move from swing high to low.
On the downside, there is an initial support at around 85$ followed by another support at 82$. If litecoin fails to hold these supports then it can accelerate lower towards 75$.
The MACD for LTC/USD pairs are gaining pace in bullish zone while RSI stands above 50 level which indicates that buyers have slight advantage over sellers in short term trading.
The overall trend appears to be bullish for litecoin as long as it holds above 85$ support zone. A clear break above 90$ would indicate further upside movement in coming days otherwise price may correct down towards 75$ support zone.