Litecoin started a steady increase above $92 against the US Dollar.
LTC price is now trading above $92 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $85 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could gain bullish momentum if it clears the $95 and $98 resistance levels.

Litecoin price is showing positive signs above $92 against the US Dollar, similar to Bitcoin. LTC price could climb further if there is a clear move above $95.

Litecoin Price Analysis

In the past few sessions, there were mostly positive moves in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $75 level and started a fresh increase.

There was a clear move above the $80 and $92 resistance levels. During the increase, there was a break above a key bearish trend line with resistance at $85 on the 4-hour chart of the LTC/USD pair. The pair even cleared the $92 resistance zone.

It is now trading above $92 and the 55 simple moving average (4 hours). A high is formed near $95.00 and the price is now consolidating gains.

On the downside, initial support is near the $90.40 level. It is near the 23.6% Fib retracement level of the upward move from the $75.32 swing low to the $95.00 high. The next major support is near the $85 level and the trend line.

The 50% Fib retracement level of the upward move from the $75.32 swing low to the $95.00 high is also near the $85 level. If there is a downside break below the $85 support, the price could accelerate lower toward the $80 level in the near term.

On the upside, the price is facing resistance near the $95 level. A clear move above the $95 level could push the price toward the $98 level. The next major resistance sits near the $100 level. Any more gains might send the price toward the $112 level.

Looking at the chart, Litecoin price is clearly trading above $92 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $95 and $98 resistance levels.

Technical indicators

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

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

Key Support Levels – $90 and $85

Key Resistance Levels – $95 and $98.

The post Litecoin (LTC) Price Analysis: Bulls Regain Strength Above $92 appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ May 18, 2023 2:18 am