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- 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.
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- Source: https://www.livebitcoinnews.com/litecoin-ltc-price-analysis-bulls-regain-strength-above-85/
