- Litecoin started a fresh decline below the $92 zone against the US Dollar.
- LTC price is now trading below $92 and the 55 simple moving average (4 hours).
- There was a break below a key rising channel with support near $96 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $92 resistance zone.
Litecoin price is struggling below $92 against the US Dollar, similar to Bitcoin. LTC price could continue to decline if it stays below the $92 resistance zone.
Litecoin Price Analysis
In the past 2-3 sessions, there were swing moves in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC started a fresh decline from the $104 zone.
There was a clear move below the $100 and $98 support levels. Besides, there was a break below a key rising channel with support near $96 on the 4-hour chart of the LTC/USD pair. The pair even broke the $92 support and tested the $84 zone.
A low is formed near $84.21 and the price is now rising. There was a move above the 50% % Fib retracement level of the downward move from the $94.01 swing high to the $84.21 low.
It is now trading below $92 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $90.50 zone. It is close to the 61.8% Fib retracement level of the downward move from the $94.01 swing high to the $84.21 low.
The next major resistance sits near the $92 level. The main resistance is near the $94 level. A clear move above the $94 level could pump the price toward the $98 level or even $100. The next major resistance could be $105.
On the downside, immediate support is near the $86.50 level. The next key support is near the $84.20 level. If there is a downside break below the $84.20 support, the price could accelerate lower toward the $80 level in the near term.
Litecoin (LTC) Price
Looking at the chart, Litecoin price is clearly trading below $92 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $92 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 – $86.50 and $84.20.
Key Resistance Levels – $90.50 and $92.00.
Source: https://www.livebitcoinnews.com/litecoin-ltc-price-analysis-bulls-face-uphill-task-near-92/