Litecoin Price Eyes Fresh Increase

Litecoin price is consolidating above the $80.00 level against the US Dollar. LTC could start a fresh increase if it clears the $88.00 resistance zone.

Litecoin (LTC) price showed signs of recovery from the lower levels. LTC price started a fresh increase after forming a base above $85.00. Litecoin price broke the $88 and $90 resistance levels to move into a positive zone. The price gained over 10% and even cleared the $95 level. A high was formed at $98 before there was a pullback. The price dipped below $88 and tested $82. A low was formed at $81.69 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $94.71 swing high to the $81.69 low.

After showing a strong decrease below $85 in the previous session, Litecoin (LTC) price recovered quickly from the lower levels. The LTC/USD pair started a fresh increase and broke a few key bearish trend lines. The price even gained over 10% and cleared the $95 resistance level. A high was formed at $98 before there was a pullback.

The price dipped below $88 and tested $82. A low was formed at $81.69 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $94.71 swing high to the $81.69 low.

On the upside, immediate resistance is forming near the $85.00 zone. There is also a key bearish trend line forming with resistance at $86.00 on the hourly chart of the LTC/USD pair (Kraken). The next major resistance is forming near the $88 level or the 50% Fib retracement level of the downward move from the $94.71 swing high to the $81.69 low.

If there is a clear break above the $88 resistance, the price could start another strong increase. In the stated case, the price is likely to continue higher toward the $92 and $95 levels. Any more gains might send LTC’s price toward the $100 resistance zone.

More Losses in LTC?

If Litecoin price fails to clear the $86 resistance level, there could be another decline. Initial support on the downside is forming near the $82 level. The next major support is forming near the $80 level, below which there is a risk of a move toward the $75 support. Any further losses may perhaps send the price toward the $68 support.

Among the technical indicators, the hourly MACD is now losing pace in the bearish zone. Moreover, the hourly RSI for LTC/USD is below the 50 level, suggesting more declines.