• Litecoin is struggling to stay above the $90 resistance zone against the US Dollar.
• There is a major contracting triangle forming with resistance near $89.20 on the 4-hour chart of the LTC/USD pair.
• If there is a clear break above the $92 level, the price could move towards $100.
Litecoin (LTC) Price Analysis
Litecoin has failed to stay above the pivotal $90 resistance zone against the US Dollar. A major contracting triangle has formed with resistance near $89.20 on the 4-hour chart of the LTC/USD pair and if it breaks above this level, it could potentially move up to $100 in value.
Key Support Levels
The key support levels for Litecoin are at $86.60 and $85.00 respectively. If these levels fail to hold, then there may be further downside potential in store for this cryptocurrency.
Technical Indicators
The 4 hour MACD and RSI indicators both indicate that Litecoin is currently trading in a bearish trend and will remain so unless it breaks through its current resistance levels at or above $92.
Potential Upside Movement
If Litecoin were able to break through its current resistances, then it could potentially move up towards its next target of around $95 or even higher towards its all time high of approximately $98 mark which was seen back in 2017-18 timeframe.
Downside Risk
On the other hand, if these resistances hold firm then we may see further downside action as Litecoin dips below its key support levels of around $86 and ultimately down towards its next possible low of around $80 in value should those supports fail to hold their ground as well.