Current Litecoin Price Consolidation
Litecoin has been maintaining its position above the significant $80.00 level against the US Dollar. This consolidation phase suggests potential for future upward movements if Litecoin manages to surpass the critical $88.00 resistance zone.
- Litecoin exhibits positive momentum from the $80 support zone against the US Dollar.
- The price currently trades below $88 and the 100-hourly Simple Moving Average.
- A crucial bearish trend line is forming, presenting resistance at $86.00 on the hourly chart of the LTC/USD pair (data sourced from Kraken).
- A breakout above the $88.00 resistance could trigger a new upward trend.
Litecoin Price Eyes Fresh Increase
After establishing a base above $85, Litecoin embarked on a renewed upward trajectory. The LTC price successfully broke through the $88 and $90 resistance levels, propelling it into a positive zone, akin to movements seen in Bitcoin and Ethereum.
The price surged by more than 10%, even surpassing the $95 mark. A peak was reached at $98 before a pullback occurred, with the price dipping below $88 and testing the $82 level. A low was recorded at $81.69, and the price is currently consolidating losses below the 23.6% Fibonacci retracement level of the downward move from the $94.71 swing high to the $81.69 low.
Litecoin is currently trading below $88 and the 100 simple moving average over a 4-hour period. On the upside, immediate resistance is expected near the $85.00 zone. Additionally, a significant bearish trend line is forming, offering resistance at $86.00 on the hourly chart of the LTC/USD pair.
Resistance and Upside Potential
The next major resistance is located near the $88 level, coinciding with the 50% Fibonacci retracement level of the downward move from the $94.71 swing high to the $81.69 low. A decisive break above the $88 resistance could initiate a robust upward movement. In this scenario, the price is likely to ascend further towards the $92 and $95 levels. Further gains might propel LTC’s price towards the $100 resistance zone, marking a significant milestone in its upward journey.
Potential for More Losses in LTC?
If Litecoin fails to overcome the $86 resistance level, a further decline could be on the horizon. Initial support on the downside is expected near the $82 level.
The next major support is developing near the $80 level. Should this level be breached, there is a risk of a downward move towards the $75 support. Any additional losses could potentially drive the price further down towards the $68 support level.
Technical Indicators
- Hourly MACD: The MACD is currently losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for LTC/USD is below the 50 level, indicating a lack of bullish momentum.
- Major Support Levels: $82.00 followed by $80.00.
- Major Resistance Levels: $86.00 and $88.00.
