• Litecoin price started a steady increase above $78 against the US Dollar.
• There was a break 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 $90, Litecoin price could climb further.
Litecoin Price Analysis
Litecoin (LTC) has been trading in positive territory against the US Dollar, similar to Bitcoin’s movement. Recently, there was a break above a major bearish trend line with resistance at $85 on the 4-hours chart of the LTC/USD pair. This indicates that bulls are aiming for an upside break above the $90 level.
On the upside, Litecoin price is facing resistance near the $88 level. If there is a clear move above this level, it could open up more gains towards the next target at $95. The next major resistance sits near the $95 level as it is near 1.618 Fibonacci Extension Level of downward move from swing high at $88.06 to swing low at $76.96 low.
On the downside, initial support lies near the $85 level and any more losses might push litecoin price towards another key support around 82$. Further down, if there is a downside break below this support area then bears may gain control and send LTC price towards 75$ support zone in coming sessions.
The MACD for LTC/USD pair is currently gaining pace in its bullish zone while RSI (Relative Strength Index) is now hovering above 50 mark indicating further upside momentum in prices of litecoin over short term perspective .
Overall, Litecoin price could gain strong bullish momentum if it clears current resistance levels around 88$ and 90$. However, failure to hold these levels may lead litecoin prices lower towards 82$ and 75$ respectively over short term horizon .