• Litecoin (LTC) price is trading above $85 and the 55 simple moving average (4-hours).
• There was a break above a major bearish trend line with resistance at $85 on the 4-hours chart of the LTC/USD pair.
• The price could gain bullish momentum if it clears the $88 and $90 resistance levels.

Litecoin Price Analysis

Litecoin started a steady increase against the US Dollar, forming a base above the $75 level. There was a clear move above the $78 and $80 resistance levels, as well as a break above a major bearish trend line with resistance at $85 on the 4-hours chart of the LTC/USD pair. The price even climbed above the 76.4% Fib retracement level of the downward move from the $88.06 swing high to $76.96 low, now trading above $86 and the 55 simple moving average (4-hours).

Resistance Levels

On the upside, litecoin price is facing resistance near the $88 level. A clear move above this level could push price towards to next major resistance at around $95, which is near 1.618 Fib extension level of downward move from swing high to low. Above this, next key target could be seen at around $100 mark in coming days ahead.

Support Levels

On downside, an initial support is near current trading area around 85$. If there is any downside break below this level then next major support can be found near 82$ mark followed by 75$.

Technical Indicators

Looking at technical indicators on 4 hours time frame MACD for LTC/USD is gaining pace in bullish zone while RSI has moved past 50 marks which shows positive momentum in coin’s prices going forward in short terms

Conclusion

Overall Litecoin is showing positive signs over past few sessions as it breaks major bearish trendline indicating strong uptrend ahead if it manages to clear 88$ and 90$ levels in coming sessions with strong volume participation behind it

Von Harro