• Litecoin (LTC) is currently trading below $85 against the US Dollar.
• There is a key bearish trend line forming with resistance near $84.8 on the 4-hour chart of LTC/USD pair.
• If the price remains below $85, it could further decline towards the $70 level.
Litecoin (LTC) Price Analysis
Litecoin is showing bearish signs and trading below $85 against the US Dollar. There is a key bearish trend line forming with resistance near $84.8 on the 4-hour chart of LTC/USD pair that could limit upside momentum in the short term. If the price remains below this resistance zone, it could further decline towards the $70 level.
On the upside, the price is facing resistance near the $82.50 zone and if there is a break above this level, then there can be an increase towards $90 or even higher levels like $95 and possibly up to $100 mark in future sessions.
Immediate support for Litecoin lies at around $78 and if it breaks down from here then we can expect a further downfall towards key support at around the $75 level which holds greater importance in order to avoid any major dip in prices for now.
The MACD for LTC/USD pair has been losing pace in bearish zone as per 4 hour charts while RSI indicator has also fallen below 50 mark suggesting more downside pressure going forward if prices remain below 85 dollars resistance zone.
Overall, Litecoin looks bearish under current market conditions and could continue to move down if it fails to break out of its current range above 85 dollars resistance zone anytime soon.