• Litecoin price started a downside correction from the $95 zone against the US Dollar.
• The pair remains supported for a fresh increase unless there is a clear move below $80.
• Immediate support is near the $82.80 level or the 61.8% Fib retracement level of the upward move from the $75.32 swing low to the $95.00 high.
Litecoin Price Analysis
Litecoin (LTC) has started a downside correction from its peak of $95 against the US Dollar. Currently, LTC is trading below $90 and below the 55 simple moving average (4 hours). There was also a break below an important bullish trend line with support near $85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair remains supported for further upside unless there is a clear move below $80.
Resistance Levels
On the upside, Litecoin price is facing resistance near the $85 level. Further above this, significant resistance levels are at around at around $90 and then at its recent high of around $95 mark. Any more gains could lead to test of psychologically important level of$100 mark in coming days.
Support Levels
On downside, immediate support levels are near around at around$82 , which marks 61.8% Fib retracement level of upswing from low$75 to high 95$. Below this, major support lies at psychological level of 80$. A break beneath this could start strong decline in coming days as bears gain strength over bulls in short term time frames .
Technical Indicators
The 4-hours MACD for LTC/USD pair is now gaining pace in bearish zone while 4 hours RSI has fallen bellow 50(neutral) mark suggesting bears may take control over short term time frames if bulls fail to defend supports mentioned earlier .
Conclusion
Overall, Litecoin price remains supported for fresh gains provided it stays above key support area near 80$. On upside significant resistances lie ahead bulls must overcome if they want to extend uptrend towards 100$.
