• Litecoin (LTC) is currently trading below the $90 resistance zone against the US Dollar.
• There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair.
• The price could start a decent increase if it clears the $92 resistance zone.
Litecoin Price Analysis
Litecoin (LTC) price has recently settled below the $90 resistance against the US Dollar. There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase). If it clears this level, then there could be a decent increase in its price.
Key Technical Indicators
On the upside, Litecoin price is facing resistance near the $49.00 zone and also at around the 61.8% Fib retracement level of its downward move from $91.46 to $85.13 low. The main resistances are near the $90 and $92 levels, both of which need to be cleared for further gains above this level. On its downside, immediate support lies at around $86.60 while next key support sits at around$85 mark should there be an extended bearish move in LTC/USD pair’s price action..
Potential Increase Ahead
Looking at all these technical indicators, it appears that Litecoin price could start a decent increase if it manages to clear its current resistances aroundthe$90 and 92 marks respectively in upcoming sessions . Such an increase can take LTC’s prices towards as high as$100 mark in near future .
Conclusion
In conclusion, Litecoin faces strong resistances near its current levels and needs to clear them for further bullish momentum ahead as indicated by MACD & RSI indicators on 4 hour charts . It also needs to stay above key supports like 86$ & 85$ marks on downside before any meaningful upward move can be seen .
