• Litecoin (LTC) is currently trading below the $90 resistance zone and the 55 simple moving average (4 hours).
• There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair.
• If there’s a clear move above the $92 level, it could pump the price toward the $95 level or even to as high as $100.
Overview of Litecoin Price Analysis
Litecoin (LTC) is currently trading below the $90 resistance zone and the 55 simple moving average (4 hours). There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair.
The price has broken down below the $88 support zone and tested its support at $85. It has now attempted to recover, but is still trading below its key resistances at around $90 and above its immediate support at around $86.60.
Key Levels to Watch
If there’s a clear move above the key resistance of $92, it could push Litecoin’s price higher towards levels such as at least up to $95 or potentially even up to as high as reaching its all-time-high of around $100. On the other hand, if it fails to break through this level then it may continue downwards towards its immediate support levels at around from either side – 86.60 or 85 respectively – before any further progress can be made in either direction in terms of pricing movement for Litecoin (LTC).
The MACD for LTC/USD has been declining into bearish territory while RSI for LTC/USD has falling beneath 50%. These indicators suggest that further declines are likely before we see any significant recovery for Litecoin’s market prices in terms of USD value or otherwise against other major cryptocurrencies such Bitcoin (BTC), Ethereum (ETH), etc…
Overall, Litecoin’s current market sentiment suggests that unless it can break through its key resistances soon then we may see some further downward pressure on its prices before any sustained recovery takes place regardless whether these declines will take us closer towards testing new lows near 85 or not remains yet to be seen.