• Litecoin started a steady increase above $85 against the US Dollar.
• There is a key bearish trend line forming with resistance at $92 on the 4-hours chart of the LTC/USD pair.
• The price could gain bullish momentum if it clears the $92 and $95 resistance levels.
Litecoin Price Analysis
Litecoin (LTC) has started a steady increase above $85 against the US Dollar, similar to bitcoin. There is a key bearish trend line forming with resistance at $92 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair could gain bullish momentum if it clears the $92 and $95 resistance levels.
Key Resistance Levels
On the upside, the price is facing resistance near the $92 level. There is also a key bearish trend line forming with resistance at $92 on the 4-hours chart of the LTC/USD pair. The trend line is near the 61.8% Fib retracement level of downward move from high to low. A clear move above this level could push Litecoin prices towards its next major resistance which sits near around $100 mark.
Key Support Levels
On downside, an initial support lies around current trading area near around 88$. If there is any downside break below this level then price may further accelerate towards its next major support which lies near around 85$ mark. Any more losses might send Litecoin prices towards 75$ mark in coming days or weeks ahead in future.
Technical Indicators
The MACD for LTC/USD is now gaining pace in bullish zone whereas RSI for same trading pair currently remains above 50 mark which indicates neutral sentiment by traders right now as far as buying and selling pressure goes in concerned right now in market place among traders and investors across world wide exchanges and platforms where digital currency trade takes place day in day out during weekdays as well weekends too!.
Conclusion
Overall, Litecoin price outlook looks positive if it manages to clear key hurdle lying around 92$ per unit area on Up side while initial support lies around 88$ per unit area on Downside right now going ahead in future during ongoing trading session across exchanges globally!.
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