Litecoin settled below the $90 resistance zone against the US Dollar.
LTC price is now trading below $90 and the 55 simple moving average (4 hours).
There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could start a decent increase if it clears the $92 resistance zone.

Litecoin price is struggling below $90 against the US Dollar, similar to Bitcoin. LTC price could continue to decline if it stays below the $92 resistance zone.

Litecoin Price Analysis

In the past few hours, there was a minor increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC settled below the $90 resistance zone to move into a bearish zone.

The price broke the $88 support zone and tested the $85 support. A low is formed near $85.13 and the price is now attempting a recovery wave. There was a move above the 50% Fib retracement level of the downward move from the $91.46 swing high to the $85.13 low.

It is now trading below $90 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $49.00 zone.

There is also a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair. It is close to the 61.8% Fib retracement level of the downward move from the $91.46 swing high to the $85.13 low.

The next major resistance sits near the $90 level. The main resistance is near the $92 level. A clear move above the $92 level could pump the price toward the $95 level or even $98. The next major resistance could be $100.

On the downside, immediate support is near the $86.60 level. The next key support is near the $85.00 level. If there is a downside break below the $85.00 support, the price could accelerate lower toward the $80 level in the near term.

Looking at the chart, Litecoin price is clearly trading below $90 and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $92 resistance zone.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now losing 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 – $86.60 and $85.00.

Key Resistance Levels – $90.00 and $92.00.

The post Litecoin (LTC) Price Analysis: Indicators Point Fresh Increase To $100 appeared first on Live Bitcoin News.

---

Filed under: Bitcoin - @ May 4, 2023 3:28 am