- Litecoin is showing bearish signs and trading below $90 against the US Dollar.
- LTC price is now trading below $85 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $83.80 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a decent increase if it clears the $85 resistance zone.
Litecoin price is struggling below $85 against the US Dollar, similar to Bitcoin. LTC price could continue to decline if it stays below the $85 resistance zone.
Litecoin Price Analysis
In the past few days, there was a short-lived recovery in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC settled below the $90 resistance zone to move into a bearish zone.
The price broke the $85 support zone and started a fresh decline. It even traded below the $82 support. A low is formed near $79.19 and the price is now consolidating losses. It is now trading below $85 and the 55 simple moving average (4 hours).
Immediate resistance is near the $84 level. There is also a key bearish trend line forming with resistance near $83.80 on the 4-hour chart of the LTC/USD pair. It is close to the 23.6% Fib retracement level of the downward move from the $99.60 swing high to the $79.19 low.
The next major resistance is near the $89 level or the 50% Fib retracement level of the downward move from the $99.60 swing high to the $79.19 low. A clear move above the $89 level could pump the price toward the $95 level. The next major resistance could be $100.
On the downside, immediate support is near the $81 level. The next key support is near the $80 level. If there is a downside break below the $80 support, the price could accelerate lower toward the $75 level in the near term.
Looking at the chart, Litecoin price is clearly trading below $85 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $85 resistance zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $81.00 and $80.00.
Key Resistance Levels – $84.00 and $89.00.
