• Litecoin (LTC) started a fresh decline below the $95 zone against the US Dollar.
• There is a key bearish trend line forming with resistance near $85 on the 4-hours chart of the LTC/USD pair.
• The price could struggle to clear the $85 and $90 resistance levels in the near term.
Litecoin Price Analysis
Litecoin started a fresh decline below the $95 zone against the US Dollar. There was a move below the $95 and $92 support levels, forming a low near the $81.31 and now consolidating losses. On the upside, there is a key bearish trend line forming with resistance near $85 on the 4-hours chart of LTC/USD pair. The main resistance sits near the $92 level, followed by another strong resistance at $98 or above.
Resistance Levels
The main resistance for Litecoin is near the $92 level, followed by another strong resistance at around 98$ or above. If there is an upward break above these levels, it could pump up its price towards 100$. On the downside, an immediate support lies at 82$. The next key support is positioned around 80$. A downside break under this level might trigger accelerated losses towards 72$.
Moving Average & Technical Indicators
The 55 moving average (4-hours) indicates that litecoin price is trading below its threshold indicating bearishness in market sentiment. Moreover, other technical indicators such as MACD and RSI are also in favor of bears as they are trading in bearish territory with no signs of reversal.
Outlook
In conclusion, litecoin price could struggle to clear both resistances at 85$ and 90$ in upcoming sessions if it stays under 92$. However, if bulls manage to overcome these obstacles then we could see significant upside momentum towards 100$ or even higher prices in short term.
Conclusion
Overall, Litecoin (LTC) has been facing strong selling pressure lately due to which it has declined sharply from its recent high of 98$. Currently, it is trading within a bearish trend line with major resistances placed at 85$ & 92$ respectively while supports are positioned at 82$ & 80$.