• Litecoin started a downside correction from the $94 zone against the US Dollar.
• There is a key bullish trend line forming with support near $82.50 on the 4-hours chart of the LTC/USD pair.
• The price remains supported for a fresh increase unless there is a clear move below $86.50.
Litecoin (LTC) Price Analysis
Litecoin has recently seen an upward movement from its base level of $75 against the US Dollar. The price even managed to climb above the $90 level and the 55 simple moving average (4 hours). However, bears were active near the $94 zone and caused a downward correction in price. Currently, Litecoin is trading below $88 and 55 SMA (4 hours), with an immediate support at around $82.50 level or 50% Fib retracement level of its upward move from swing low to high ($71.09 -$93.82).
Key Support Level
The key support for Litecoin lies near the $82.50 level or 50% Fib retracement level of its recent upward movement ($71.09-$93.82). Moreover, there is also a key bullish trend line forming with support near this area on 4-hour LTC/USD chart which indicates that further declines could be limited if it holds ground above this level in coming days.
In order to resume its uptrend, Litecoin has to break past crucial resistance at around $86 mark as well as surpassing beyond 55 SMA (on 4-hour chart). Further gains could push it towards psychological levels at around 94 which would open gates for more upside momentum in coming weeks ahead of time leading up to test of 100 marks as per prior analysis conducted by research analyst Aayush Jindal on June 29th 2023 .
On other side, bearish scenario would kick in if bears manage to take over bulls and drive prices lower than 7920 marks where it would become vulnerable to extended downside corrections before resuming any kind of upside momentum going forward in future period of time .
Overall, Litecoin remains supported for further increase unless there is a clear break below 8650 marks which could initiate renewed selling pressure across cryptocurrency markets in short term horizon .