Litecoin started a steady increase above $85 against the US Dollar.
LTC price is now trading below $92 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $91.65 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could gain bullish momentum if it clears the $91.50 and $92 resistance levels.

Litecoin price is showing positive signs above $85 against the US Dollar, similar to Bitcoin. LTC price could climb further if there is a clear move above $92.

Litecoin Price Analysis

In the past few sessions, there were mostly bullish moves in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $83.60 level and started a fresh increase.

There was a clear move above the $85 and $86 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $97.53 swing high to the $83.66 low. However, the bears were active near the $91 resistance zone.

It is now consolidating below $92 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $90.60 level. It is close to the 50% Fib retracement level of the downward move from the $97.53 swing high to the $83.66 low.

There is also a key bearish trend line forming with resistance near $91.65 on the 4-hour chart of the LTC/USD pair. A clear move above the $91.65 level could push the price toward the $92.00 level.

The next major resistance sits near the $95 level. Any more gains might send the price toward the $100 level. On the downside, initial support is near the $85.80 level. The next major support is near the $83.60 level. If there is a downside break below the $83.60 support, the price could accelerate lower toward the $80 level in the near term.

Looking at the chart, Litecoin’s price is trading below $92 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $91.65 and $92 resistance levels.

Technical indicators

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

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

Key Support Levels – $85.80 and $83.60

Key Resistance Levels – $91.65 and $92.

The post Litecoin (LTC) Price Analysis: Bulls Continue to Struggle Near $92 appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ June 8, 2023 2:28 am