• Litecoin price started a downside correction from the $94 zone against the US Dollar.
• There is a key bullish trend line forming with support near $82.50 on the 4-hours chart of LTC/USD pair.
• The price could resume its increase if it remains well supported above the $82.50 level.
Litecoin (LTC) Price Analysis
Litecoin recently experienced a decent increase in value against the US Dollar, forming a base above the $75 level and starting to climb up until it reached the $90 resistance level and beyond, but then faced some bearish pressure near $94 zone, resulting in a downside correction.
Trend Line Support
There is currently a key bullish trend line forming with support near $82.50 on the 4-hours chart of LTC/USD pair, so if this support holds Litecoin will likely start to make further gains towards testing its next major resistance at around $88 level and possibly reach as high as $94 or even higher.
On the upside, Litecoin is facing strong resistance near the $86 level which needs to be overcome for further upward momentum to occur. If that happens, Litecoin price could resume its increase and aim for new highs around or above $100.
The immediate support is seen at around$82.50 or 50% Fib retracement levels of its recent move from low at$71.09 to high at$93.82; however, if this support fails to hold there’s another major support located around$79.20 which must hold for any further declines to be prevented; otherwise we might see Litecoin breaking below that point and dropping much lower in value before having any chance of recovering again .
Overall, Litecoin remains supported for potential future gains unless there’s a clear drop below$86.50; however, any downward movement should find strong buyers around$79-$80 region before having any chance of further drops occurring; so keep an eye out!