Litecoin started a downside correction from the $95 zone against the US Dollar.
LTC price is now trading above $88 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $92 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
The pair remains supported for a fresh increase unless there is a clear move below $86.50.

Litecoin price is correcting gains from $95 against the US Dollar, similar to bitcoin. LTC price could resume its increase if it remains well supported above the $86.50 level.

Litecoin Price Analysis

In the past few days, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $82.50 level and started a fresh increase.

There was a clear move above the $88 and $90 resistance levels. The price even climbed above the $92 level and the 55 simple moving average (4 hours). However, the bears were active near the $94 zone. The recent high was formed near $93.32 and the price started a downside correction.

There was a move below the $92 level. The price traded below the 23.6% Fib retracement level of the upward move from the $82.52 swing low to the $93.32 high. Besides, there was a break below a key bullish trend line with support near $92 on the 4-hours chart of the LTC/USD pair.

It is now trading above $88 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $92 level.

The next major resistance sits near the $94 level. A clear move above the $94 level could pump the price toward the $95 level. Any more gains might call for a test of $100. Immediate support is near the $88.00 level or the 50% Fib retracement level of the upward move from the $82.52 swing low to the $93.32 high`.

The next major support is near the $86.50 zone. A downside break below the $86.50 support might start a strong decline.

Looking at the chart, Litecoin price is trading above $88 and the 55 simple moving average (4 hours). Overall, the price remains supported for a fresh increase unless there is a clear move below $86.50.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now gaining pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.

Key Support Levels – $88.00 and $86.50

Key Resistance Levels – $92 and $94.

The post Litecoin (LTC) Price Analysis: Bulls Face Uphill Task Near $94 appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ June 1, 2023 3:28 am