Litecoin (LTC) Price Analysis: Buy Near $82 for Fresh Increase

Summary

• Litecoin started a downside correction from the $94 zone against the US Dollar.
• The bears were active near the $94 zone and the price started a downside correction.
• Litecoin price is now trading below $88 and there is a key bullish trend line forming with support near $82.50 on the 4-hours chart of the LTC/USD pair.

Litecoin (LTC) Price Analysis

Litecoin formed a base above the $75 level and started a fresh increase against the US Dollar. There was a clear move above the $88 resistance levels, while an upside break was made above $90 and the 55 simple moving average (4 hours). However, Litecoin faced sellers near $94 which caused it to start a downside correction. The price traded below 23.6% Fib retracement level of the upward move from the $71.09 swing low to its recent high of $93.82. It is now trading below $88 and there is a key bullish trend line forming with support near $82.50 on 4-hours chart of LTC/USD pair (data feed from Coinbase).

Resuming Increase

On the upside, Litecoin’s current price faces resistance near its previous high at around 86$. The next major resistance sits near 88$. A clear move above this level could pump up Litecoin’s price towards 94$. Any further gains may call for testing 100$ as well.

Immediate Support Level

Immediate support for Litecoin lies at 82$ or 50% Fib retracement level of its upward move from 71$ swing low to 93$ high. There also exists a key bullish trend line forming with support near 82$ on 4-hour chart of LTC/USD pair. Next major support lies at 79$ zone in case of any further breakdowns.

Conclusion

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Looking at overall situation, Litecoin’s current price remains supported for another increase unless there is an unexpected breakdown below 86$. On other hand, if bulls are successful in breaking through 88$, then we can expect another surge towards 94$.