- Litecoin is holding gains above the $82.00 support against the US Dollar.
LTC price is now trading above $82.00 and the 55 simple moving average (4 hours).
There is a key rising channel forming with resistance near $88.50 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could gain bullish momentum if it clears the $88.50 and $92.50 resistance levels.
The cost of Litecoin remains stable above $82 versus the U.S. dollar, similar to Bitcoin‘s trend. If Litecoin surpasses the resistance at $88.50, we may witness further price increases.
Litecoin Price Analysis
Over the last several trading sessions, Bitcoin, Ethereum, Ripple, and Litecoin have experienced fluctuations versus the US Dollar. Previously, Litecoin failed to surpass the $106 resistance mark and initiated a downward trend.
Below the $92 and $82 thresholds, there was a noticeable drop in price. However, the buyers managed to defend the crucial support at $70.00. A new low emerged close to $70.83, but now the market is attempting to regain ground. The price has begun to rebound above the $80 mark.
The 23.6% Fibonacci resistance level of the decline from $106.00 peak to $70.80 low was broken by Litecoin. Currently, it trades above $82.00 and is also above the 4-hour simple moving average at $81.59.
The price of LTC/USD is encountering obstacles around $88.50 or the halfway mark of its decline from $106.00 to $70.80. Additionally, a significant uptrend line is developing on the 4-hour chart with resistance at $88.50.
An upcoming significant barrier to the price lies around $92.50. Breaking past this point could potentially propel it towards the $100 region. The next substantial resistance is found around $106. Should the price continue climbing, it may reach the $120 mark.
On the negative side, the stock’s initial support lies around $82.00. A more significant support level can be found close to $80.00. If the price falls below this support, it may quickly drop towards $70.00 in the short term.
According to the graph, Litecoin’s value is currently higher than $82.00 and the 4-hour 55 moving average. If the price manages to surpass the resistance at $88.50 and then $92.50, it may lead to a bullish trend.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining 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 – $82.00 and $80.00.
Key Resistance Levels – $88.50 and $92.50.
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2024-04-25 06:39