Litecoin (LTC) Price Analysis: Bulls Regain Strength Above $85

• Litecoin started a steady increase above $82 against the US Dollar.
• LTC price is now trading above $82 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance at $77.40 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
• The pair could rise further if it clears the $91 and $94 resistance levels.

Litecoin price is showing positive signs above $85 against the US Dollar, similar to Bitcoin. LTC price could climb further if there is a clear move above $91.

Litecoin Price Analysis

In the past few sessions, there were mostly positive moves in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $71 level and started a fresh increase.

There was a clear move above the $75 and $78 resistance levels. During the increase, there was a break above a key bearish trend line with resistance at $77.40 on the 4-hour chart of the LTC/USD pair. The pair even cleared the $85 resistance zone.

There was a move above the 50% Fib retracement level of the key decline from the $97.53 swing high to the $71.09 low. It is now trading above $85 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $91.20 level. It is close to the 76.4% Fib retracement level of the key decline from the $97.53 swing high to the $71.09 low. A clear move above the $91.20 level could push the price toward the $93.35 level.

The next major resistance sits near the $95 level. Any more gains might send the price toward the $100 level. On the downside, initial support is near the $84.40 level.

The next major support is near the $80 level. If there is a downside break below the $80 support, the price could accelerate lower toward the $77.20 level in the near term.

Litecoin (LTC) Price

Looking at the chart, Litecoin price is clearly trading above $85 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $91 and $94 resistance levels.

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 above the 50 level.

Key Support Levels – $84.40 and $80.00

Key Resistance Levels – $91.20 and $93.35.

Tags: litecoin, LTC