Litecoin Price Analysis: Bulls Aim to Defend $80 as Correction Continues

• Litecoin started a downside correction from the $95 zone against the US Dollar.
• The pair remains supported for a fresh increase unless there is a clear move below $80.
• LTC price could resume its increase if it remains well supported above the $80 level.

Litecoin (LTC) Price Analysis

Litecoin started a downside correction from the $95 zone against the US Dollar. LTC price is now trading below $90 and the 55 simple moving average (4 hours). There was a break below a key bullish trend line with support near $85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair remains supported for a fresh increase unless there is a clear move below $80.

Price Outlook

In the past few days, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $80 level and started a fresh increase. On the upside, the price is facing resistance near the $85 level. The next major resistance sits near the $90 level. A clear move above this could pump Litecoin toward its all-time high of approximately $95. Any more gains might call for test of around$100.

Support Levels

Immediate support is near at around$82.80 or 61.8% Fibonacci retracement level of an upward move fromthe swing low to high point ($75 – 95). The next major support being at around$80 mark which must be protected by bulls in order to avoid any further downside corrections in price movement of Litecoin .

Technical Indicators

4 hours MACD – The MACD for LTC/USD is now gaining pace in bearish zone while 4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below 50 levels indicating further selling pressure on coin prices .

Conclusion

Overall, Litecoin price is trading below$90 and still remain supported for fresh increases barring any clear move below$ 80 mark .