- Litecoin started a downside correction from the $115 zone against the US Dollar.
- LTC price is now trading above $98 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $104.10 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $105 resistance.
Litecoin price is correcting gains from $115 against the US Dollar, similar to Bitcoin. LTC price could resume its increase if it remains well supported above the $98 level.
Litecoin Price Analysis
In the past few days, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $80 level and started a fresh increase.
There was a clear move above the $85 and $95 resistance levels. The price even climbed above the $100 level and the 55 simple moving average (4 hours). However, the bears were active near the $115 zone. The recent high was formed near $114.98 and the price started a downside correction.
There was a move below the $105 level. The price traded below the 23.6% Fib retracement level of the upward move from the $81.77 swing low to the $114.98 high.
It is now trading above $98 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $105 level. There is also a key bearish trend line forming with resistance near $104.10 on the 4-hours chart of the LTC/USD pair.
The next major resistance sits near the $110 level. A clear move above the $110 level could pump the price toward the $115 level. Any more gains might call for a test of $120.
Immediate support is near the $98.80 level or the 50% Fib retracement level of the upward move from the $81.77 swing low to the $114.98 high. The next major support is near the $95 zone. A downside break below the $95 support might start a strong decline.
Looking at the chart, Litecoin price is trading above $98 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $105 resistance.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $98 and $95
Key Resistance Levels – $105 and $110.
