• Litecoin (LTC) is trading above $85 against the US Dollar and is aiming for a break above $90.
• There was a clear move above a major bearish trend line with resistance at $85 on the 4-hours chart of the LTC/USD pair.
• If there is a clear move above the $88 and $90 resistance levels, litecoin price could gain bullish momentum.
Litecoin (LTC) Price Analysis
Litecoin started to increase steadily above $78 against the US Dollar, surpassing the key resistance at $85. The 4-hours chart of the LTC/USD pair also revealed a break above an important bearish trend line with resistance at $85. The pair could gain more bullish momentum if it breaks past both the $88 and $90 resistance levels.
Key Resistance Levels
On the upside, there are two main resistances that need to be crossed before further gains can be achieved – firstly, at around $88, and secondly, at around $90. A successful crossing of these two points will indicate an uptrend in litecoin prices.
Key Support Levels
For any downside movements in litecoin’s price action, there are two key support levels which should act as strong buffers – firstly, at around $85 and secondly, at around 82$. Any break below this level may cause significant losses for investors holding LTC coins.
The MACD for LTC/USD is currently gaining pace in the bullish zone while its RSI is also now hovering slightly over 50%. These indicators suggest that litecoin prices may soon start to rise if they manage to find their way past both key resistances discussed earlier.
Overall, it appears that Litecoin is well positioned to make further gains if it manages to successfully break past both key resistances – namely, at around 88$ and 90$. In such a scenario, traders should keep an eye out for any potential upside moves as they could signal further growth in LTC’s price action.