Litecoin Price Consolidates Above $80, Eyes Break Above $88 Resistance
Litecoin price is consolidating above the $80.00 level against the US Dollar. LTC could start a fresh increase if it clears the $88.00 resistance zone.
- Litecoin shows positive signs from the $80 support zone against the US Dollar.
- The price trades below $88 and the 100-hourly Simple Moving Average.
- A key bearish trend line forms with resistance at $86.00 on the hourly chart of the LTC/USD pair (data feed from Kraken).
- The price may begin to rise if it surpasses the $88.00 resistance zone.
Litecoin Price Eyes Fresh Increase
After establishing a base above $85, Litecoin initiated an increase. LTC price broke through the $88 and $90 resistance levels, entering a positive zone similar to Bitcoin and Ethereum.
The price increased over 10%, clearing the $95 level and reaching a high of $98 before pulling back. It dipped below $88, testing $82 with a low at $81.69, and is now consolidating losses below the 23.6% Fibonacci retracement level of the downward move from the $94.71 swing high to the $81.69 low.
Litecoin trades below $88 and the 100 simple moving average (4 hours). Immediate resistance is near the $85.00 zone, with a bearish trend line forming at $86.00 on the hourly chart.
The next major resistance is near the $88 level or the 50% Fibonacci retracement level from the $94.71 swing high to the $81.69 low. A clear break above $88 could trigger another strong increase, potentially pushing the price toward $92 and $95, with further gains possibly reaching the $100 resistance zone.
More Losses in LTC?
If Litecoin fails to clear the $86 resistance level, another decline may occur. Initial support is near the $82 level.
The next major support is around the $80 level, below which there is a risk of a drop toward the $75 support. Additional losses may lead to a decline toward the $68 support.
Technical indicators:
Hourly MACD – The MACD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is below the 50 level.
Major Support Levels – $82.00 followed by $80.00.
Major Resistance Levels – $86.00 and $88.00.