• Litecoin (LTC) price is currently struggling to break the $85 and $88 levels against the US Dollar.
• There is a key bearish trend line forming with resistance near $88 on the 4-hours chart of the LTC/USD pair.
• If there is a downside break below the $72 support, the price could accelerate lower towards the $65 level in the near term.
Overview
Litecoin (LTC) has started a fresh decline below the $80 zone against the US Dollar. Currently, LTC price is trading below $80 and is facing resistance at $85 and $88 levels. There is also a key bearish trend line forming with resistance near $88 on the 4-hours chart of the LTC/USD pair. If there is a downside break below the $72 support, then it could accelerate lower towards the $65 level in near term.
Technical Analysis
In past few sessions, there was a fresh decline in bitcoin, ethereum, ripple and litecoin against US Dollar. Litecoin started a decent increase above the $75 and 80$ resistance levels where it managed to clear 50% Fib retracement level of downward move from swing high of 98.35$ to 65.74$. Bulls were able to push price above 82$ resistance zone and 55 simple moving average 4 hours).
However, bears were active near 61.8% Fib retracement level which lead to current situation where Litecoin price faces resistance at 78$. Next major resistance lies at 82$ level while main resistance stands at 85$ alongwith trendline mentioned above.. A clear move above 88$ could pump up prices towards 92$ or even 100$, whereas next major resistance would be 105$.
Support & Resistance
On downside immediate support lies around 73.50$, followed by 72$. If there’s any downside break below 72$, then it could accelerate downwards towards 65$. On upside 78$ stands as major hurdle for bulls while 82$, 85$ & 88$ act as further resistances before 105$.
Indicators
4 Hours MACD – It’s gaining pace in bearish zone
4 Hours RSI – Below 50 mark
Conclusion
Overall it seems that Litecoin price is struggling to go beyond 85& 88$ resistances so far while if broken can lead prices towards 92 or even 100$. Any downside breach beneath 72$ will likely take down prices further until 65$.
