• Litecoin (LTC) price started a fresh decline below the $95 level against the US Dollar.
• There was a break below a key bullish trend line with support near $93 on the 4-hour chart of the LTC/USD pair.
• LTC price is at risk of a downside break below the $90 and $88 support levels.
Litecoin Price Analysis
Litecoin price has been struggling to stay above the $95 level against the US Dollar, similar to Bitcoin. The bears are now gaining strength and there is a risk of more losses below the $90 and $88 support levels.
On the 4-hour chart of the LTC/USD pair, there was a break below a key bullish trend line with support near $93. Moreover, the pair spiked below the $90 level and formed a low at around $87.04. Currently, it is testing the 23.6% Fib retracement level of the downward move from its swing high at around $103.42 to its low at around 87.04. On upside resistance lies at around 92 zone followed by 50% Fib retracement level at 95 level and main resistance sits near 100 level after that 103 might act as hurdle for bulls for further rise in prices.
Support & Resistance Levels
On downside immediate support lies near 89.20 followed by 87 which can be considered as major support in case of any further dip in prices while on upside 92 would act as resistance followed by 95 and 100 respectively if bulls will try to push up prices again towards higher levels then 103 would be first major resistance after that 115 comes into play if bulls will be able to sustain above this mark then they may have potential to push prices even higher than that but currently situation seems bearish so one should watch closely before taking any trading positions in this market either in long or short side both sides hold equal danger right now so better wait for confirmation before taking any step ahead .
Overall, Litecoin price is clearly trading below both moving averages i-e 55 simple moving average (4 hours) and 200 simple moving average (4 hours). If there is downside break below the important supports such as 88 & 90 then it could accelerate lower towards 80 mark which would be good opportunity for buyers who are willing to buy ltc on dips but until bears don’t breach these supports we cannot confirm such scenario so one should keep an eye on technicals closely before taking any action .
In conclusion, Litecoin price is struggling to stay above critical supports while bears are trying hard to push prices down but no decisive move has been seen yet so one should wait patiently before making any decision whether they want to go long or short in this crypto market right now .