• Litecoin 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 the LTC/USD pair.
• Litecoin price is trading below $92 and the 55 simple moving average (4 hours).
Litecoin (LTC) Price Analysis
Litecoin started a downside correction from the $94 zone against the US Dollar. The bearish pressure was active near this level and pushed the price below $88 and the 55 simple moving average (4 hours). There is a key bullish trend line forming with support near $82.50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
Near Term Support Levels
On the upside, there is resistance near the $86 level for litecoin price. The next major resistance sits near the $88 level. A clear move above this resistance could pump LTC toward its previous highs at around $94. Immediate support for litecoin lies at around$82.50 or even lower at around$79.20 which could be tested in case of further downward pressure on prices .
Technical indicators
The MACD for LTC/USD is now gaining pace in bearish territory while RSI has dropped below 50 indicating that selling pressure may increase if current levels are sustained .
Price Outlook
From an overall perspective, litecoin remains supported for further gains as long as it stays above $86.5 0level and does not break down through immediate supports of around $82.50 or even lower to around$79 .20 . If these levels hold, then we can expect to see some recovery towards previous highs ataround$94 in coming sessions .