Litecoin started a downside correction from the $94 zone against the US Dollar.
LTC price is now trading below $88 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support near $82.50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
The pair could start a fresh increase if it clears the $86.50 resistance.

Litecoin price is correcting gains from $94 against the US Dollar, similar to bitcoin. LTC price could resume its increase if it remains well supported above the $82.50 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 $75 level and started a fresh increase.

There was a clear move above the $8 and $88 resistance levels. The price even climbed above the $90 level and the 55 simple moving average (4 hours). However, the bears were active near the $94 zone. The recent high was formed near $93.82 and the price started a downside correction.

There was a move below the $90 level. The price traded below the 23.6% Fib retracement level of the upward move from the $71.09 swing low to the $93.82 high.

It is now trading below $88 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $86 level. The next major resistance sits near the $88 level. A clear move above the $88 level could pump the price toward the $94 level. Any more gains might call for a test of $100.

Immediate support is near the $82.50 level or the 50% Fib retracement level of the upward move from the $71.09 swing low to the $93.82 high.

There is also a key bullish trend line forming with support near $82.50 on the 4-hours chart of the LTC/USD pair. The next major support is near the $79.20 zone. A downside break below the $79.20 support might start a strong decline.

Looking at the chart, Litecoin price is trading below $92 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 – $82.50 and $79.20

Key Resistance Levels – $86.50 and $88.00.

The post Litecoin (LTC) Price Analysis: Dips Attractive Near $82 appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ June 29, 2023 3:48 am