Litecoin worth is consolidating above the $80.00 degree in opposition to the US Dollar. LTC may begin a recent enhance if it clears the $88.00 resistance zone.
- Litecoin is exhibiting optimistic indicators from the $80 assist zone in opposition to the US Dollar.
- The worth is now buying and selling under $88 and the 100-hourly Simple Moving Average.
- There is a key bearish development line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair (information feed from Kraken).
- The worth may begin a recent enhance if it clears the $88.00 resistance zone.
Litecoin Price Eyes Fresh Increase
After forming a base above $85, Litecoin began a recent enhance. LTC worth broke the $88 and $90 resistance ranges to maneuver into a optimistic zone, like Bitcoin and Ethereum.
The worth gained over 10% and even cleared the $95 degree. A excessive was shaped at $98 earlier than there was a pullback. The worth dipped under $88 and examined $82. A low was shaped at $81.69 and the worth is now consolidating losses under the 23.6% Fib retracement degree of the downward transfer from the $94.71 swing excessive to the $81.69 low.
Litecoin is now buying and selling under $88 and the 100 easy shifting common (4 hours). On the upside, quick resistance is close to the $85.00 zone. There can be a key bearish development line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair.
The subsequent main resistance is close to the $88 degree or the 50% Fib retracement degree of the downward transfer from the $94.71 swing excessive to the $81.69 low. If there may be a clear break above the $88 resistance, the worth may begin one other robust enhance. In the said case, the worth is more likely to proceed greater towards the $92 and $95 ranges. Any extra positive aspects may ship LTC’s worth towards the $100 resistance zone.
More Losses in LTC?
If Litecoin worth fails to clear the $86 resistance degree, there may very well be one other decline. Initial assist on the draw back is close to the $82 degree.
The subsequent main assist is forming close to the $80 degree, under which there’s a threat of a transfer towards the $75 assist. Any additional losses could maybe ship the worth towards the $68 assist.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is under the 50 degree.
Major Support Levels – $82.00 adopted by $80.00.
Major Resistance Levels – $86.00 and $88.00.
