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- Litecoin’s price surged above the $ 93.00 level before correcting downward against the US dollar.
- The price of LTC is trading well above $ 80.00 and the simple moving average 55 (4 hours).
- There is a key contraction triangle forming with resistance near $ 88.50 on the 4-hour chart of the LTC / USD pair (data feed from Coinbase).
- The pair is likely to start a new wave if a clear break above $ 88.60 and $ 90.00 occurs.
Litecoin’s price is currently consolidating gains of over $ 85.00 against the US dollar, similar to bitcoin. The price of LTC could rise above $ 90.00 again as long as it is above $ 80.00.
Litecoin price analysis
This week, there was a small downward correction in bitcoin, Ethereum, ripple and litecoin against the US dollar. Previously, the LTC price gained bullish momentum above the $ 80.00 and $ 85.00 resistance levels.
There was also a break above the $ 90.00 resistance level and a close above the 55 (4 hour) simple moving average. The last swing high formed near $ 92.90 before the price started trading in a wide range.
The recent swing low formed near $ 82.75 before the price corrected to the upside. The price rose above the $ 85.00 and $ 87.00 levels. There was also a break above the 50% Fib retracement level of the recent drop from the $ 92.90 high to the $ 82.75 low.
Litecoin’s price is now trading above the $ 86.00 level but is facing hurdles near $ 88.60 and $ 90.00. There is also a key contraction triangle forming with resistance near $ 88.50 on the 4-hour chart of the LTC / USD pair.
The resistance of the triangle is close to the 61.8% Fib retracement level of the recent drop from the high $ 92.90 to the low $ 82.75. A successful break above the resistance of the triangle and then a subsequent move above the $ 90.00 resistance could open the door for a greater rise.
Conversely, the price could break the $ 86.00 and $ 85.00 support levels to start a new dip. The next major support is near the $ 80.00 level and the 55 (4-hour) simple moving average.
Litecoin Price (LTC)
Looking at the chart, the litecoin price clearly shows positive signs above $ 85.00 and the simple moving average 55 (4 hours). Overall, the price is likely to start a new rally if a clear break above $ 88.60 and $ 90.00 occurs.
Technical indicators
4-hour MACD – The MACD for LTC / USD is currently losing momentum in the bearish zone.
4-Hour Relative Strength Index (RSI) – The RSI for LTC / USD is still well above the 50 level.
Key Support Levels: $ 86.00 and $ 85.00.
Key Resistance Levels: $ 88.60 and $ 90.00.
