• Litecoin (LTC) is showing positive signs above $85 against the US Dollar, similar to bitcoin.
• There was a break above a major bearish trend line with resistance at $85 on the 4-hours chart of the LTC/USD pair.
• The price could gain bullish momentum if it clears the $88 and $90 resistance levels.
Litecoin Price Analysis
Litecoin started a steady increase against the US Dollar, forming a base above the $75 level and starting a fresh increase. There was a break above a major bearish trend line with resistance at $85 on the 4-hour chart of the LTC/USD pair. The price even climbed above the 55 simple moving average (4-hours).
Resistance Levels
On the upside,the price is facing resistance near the $88 level. A clear move above this level could push the price towards the $95 level, which is near 1.618 Fib Extension Level of downward move from swing high to low. The next major resistance sits near the $95 level and any further gains might send Litecoin towards its psychological mark of 100 USD.
Support Levels
On downside, an initial support is near at 85 USD followed by 82 USD support area in case of any further downswing movement in litecoins value . If there is a downside break below 82 USD then Litecoin could accelerate lower towards 75 USD in short term .
Technical Indicators
The MACD for LTC/USD has shifted into bullish zone whereas RSI for LTC/USD is now above 50 level indicating buyers are taking control over bears in current market scenario.
Conclusion
Overall, Litecoin price is clearly trading above its 55 simple moving average (4-hours) indicating bullish sign in near term while it needs to clear 88$ & 90$ resistance levels to gain more upside momentum towards 95$ & psychologically important mark 100$.
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