Litecoin (LTC) is currently trading in a bearish zone below the key $90 resistance level against the US Dollar. The price recently broke the $88 support zone and traded close to the $85.13 support level. However, the price is now attempting an upside correction and is approaching several key resistance levels.

The 4-hour chart of the LTC/USD pair shows a contracting triangle forming with resistance near the $89.20 zone. This is close to the 61.8% Fib retracement level of the downward move from the $91.46 swing high to the $85.13 low. If the price clears the triangle resistance, it could open the doors for a steady increase towards the $90 and $92 resistance levels.

The main resistance is seen near the $92 level. A clear break above the $92 resistance could spark a strong upward move and the price may even break the $100 mark in the near term.

On the downside, immediate support is near the $86.60 level. The first key support is near the $85.00 level. If there is a downside break below the $85.00 support, the price may accelerate lower toward the $80 level.

The 4-hours MACD for LTC/USD is now losing momentum in the bearish zone, while the 4-hours RSI is below the 50 level. Overall, the bulls need to clear the $92 resistance for a sustained recovery above $100.



Other News from Today